2024-07-31-accounts

+++ Lincoln College Annual Report and Financial Statements Year ended 31 July 2024

LINCOLN COLLEGE Annual Report and Financial Statements Contents Page Report of the Govérning Body Independent Auditor's Report 29 Consolidated Statement of Financial Aclivilies 38 Consolidated and College Balance Sheets 39 Consolidated Statement of Cash Flows 40 Notes to the Financial Statements 41

LINCOLN COLLEGE Report of the Governing Body Year ended 31 July 2024 MEMBERS OF THE GOVERNING BODY The Members of the Governing Body, once they have been Members for a year, are the College's charity trustees under charity law. The members of the Governing Body who served in office as Governors during the year are detailed below. {1} FC 12} ST {31 DC 14) pc (5) SLAC 16) wc (71 JRC (8} H& sc 191 NC 110) EC Prof Ivan Ahel Prof Louis-Pierre Arguin" Dr J Bennett Appointed 1 September 2023 Resigned 31 August, 2023 Prof Pedro Carvalho Prof Radu Coldea Prof Nigel Emptage Sub-Rector Associate Fellow for Alumni Relations. Data Protection Officer Prof Slefan Enchelmaier Prof Matthew Freeman Fellow for Alumni Relations, De8n of Degrees Development Director Resigned 30 September 2023 Appointed 1 September 2023 Dr Pery Gauci Ms Susan Harrison Prof David Hills Dr Jack Kelly. Dr Roel Konijnendijk Dr Jody LaPorte Associate Fdlow for Alumni Relations, Resigned 1 September 2023 Senior Tutor Garden Fellow, Anti- Racism Advocate, Fellow Archivist (from 12 June, 2024) Editor of the Rewrd Prof Loda Massimo. Dr Lydia Matthew5 Prof Peter Mccullough Dr Timothy Michael Prof Edward Nye Dr Daniela Omlor Senior Dean Dr Reece Ck)slerbeek' Appointed 1 September 2023 Dr Kimbedy Palladino

LINCOLN COLLEGE Report of Ihe Governing Body Year ended 31 July 2024 {1) FC (21 ST 13} DC 141 pc 151 SLAC {61 wc 17) JRC (81 H& sc (9) NC 110) EC Dr Aleksei Parakhonyak Prof J-P Park Dr Alexander Prescott- Couch Prof Jordan Raff Dr Anthony Roberts Dr Peter Sarf(ies Dr Christophe Schmitt- Maass Prof Roland Smith Appointed 1 April 2023 Resigned 31 December, 2023 Retired 20 Seglember 2023 Resigned 31 December, 2023 Dr Harriet Soper Mr Alex Spain Prof Maria Slamalopoulou Bursar Dr Paul Stavrinou Secretary to the Governing Body Dr Andreas Televantos Fellow Librarian Dr Alice Thorneywork Harassment Adviser (MT23 & HT24) Newton Abraham Visiting Professor- commencing 1 October 2023 for one year. Prof Van der Anker" Prof David Vaux Prof tlominic Vella Harassment Adviser (Tt). Website Fellow Dr Qi8n Wang Steward of Common Room, Senior Treasurer of Amalgamated Clubs Welfare Dean, (Fellow Archivist until 12 June, 2024} Prof Michael Willis Prof Lucy Wooding Prof Henry Woudhuysen Rector A member ofthe Governing Body in their first year and therefore not a Trustee. Professor Woudhuysen retired on 31 August, 2024 and sinco 151 September, 2024 Mr Nigel Clifford is the Rector.

LINCOLN COLLEGE Report of the Governing Body Year ended 31 July 2024 During the year 2023-24, the activities of the Governing Body were carried out through len committees. The current membership ofthese committees is shown above for each Fellow. Finance Committee 2. Senior Tutor's Committee 3. Domestic Committee 4. Planning Committee 5. Senior Library & Archive Committee 6. Welfare Commiltee 7. Junior Relations Committee 8. Health & Safely Committee 9. Nominations Committee 10. Equality Committee COLLEGE STAFF Senior members of staff who were not Irustees but who undertook important roles in the management of the College during the year were.. Celia Harker Accountant Richard Little Admissions Officer Michele Mccartney Lucy Matheson Andrew Miller Domestic Operations Manager Librarian Access Officer Julian Mitchell Clerk of Works Rosalind Newman Academic Administrator Rèv'd Andrew Shamel Chaplain Human Resources Manager IT Officer Jenny Waller Michael White ALUMNI REPRESENTATIVES AND ADVISERS An alumna of the College attended Governing Body meetings as representative of the College's alumni. This person was Ms Jane Jenkins, Chair of the Development Committee. Two alumni of the College served as members of the Finance Committee. In 2023-24 these were Mr Richard Williams and Ms Charlotle Swing, Portfolio Director at Cazenove Capital.

LINCOLN COLLEGE Report of the Governing Body Year ended 31 July 2024 Mr Richard Hardie and Ms Sophie Warrick, Managing Director at J P Morgan, were members of the Planning Committee in 2023-24. In 2023-24, the Chairman of the Remuneration Committee was Dr Wendy Platt, Senior Adviser in the House of Commons. The other members of the Committee were Professor Peter Cook, a former Professorial Fellow, Ms Sheona Wood, alumna and Partner in the legal practice DW Fishburns, Professor Jan Palmowski, alumnus and Pro-vice Chancellor at Wanmick University and Camilla Hughes, Managing Direclor at Rothschild & Co. 15 alumni served as members of the Development Committee, meeting three times during the year. 58 alumni served as members of the Rector's Council, meeting in June 2024 to receive feports from College officers and to offer strategic advice to the Rector. COLLEGE ADVISERS Investment managers Partners Capital, 5 Young Street. London W8 5EH Investment property tnanagers Laws and Fiennes, Warren Lodge, Banbury. Oxfordshire, OX15 5EF Auditor Critchleys Audit LLP, First Floor. Park Central, 40-41 Park End Street, Oxford, OX1 1JD Bankers Lloyds TSB, Carfax Oxford. 1-5 High Street. Carfax, Oxford. OX14AA Solicitors Knights, Midland House, West Way, Oxford, OX2 OP College address Lincoln College, Turl Street. Oxford, OX1 3DR Websile www.lincoln.ox.ac.uk REFERENCE AND ADMINISTRATIVE INFORMATION Lincoln College {'the College,) is an eleemosynary Chartered charilable corporation. The full corporale designation of the Collège is 'The Warden or Roctor and Scholars of the College of the Blessed Mary and All Saints, Lincoln, in the University of Oxford. commonly called Lincoln College.. The College was founded by Richard Fleming, Bishop of Lincoln, under a Royal Charter of King Henry Vl, datèd 13 October 1427, and a Deed of Foundation of 1429. The corporation comprises the Rector and Fellows. The names of all Members of the Governing Body and of those in office during the year, together with details of the senior staff and advisors of the College, are given on pages 2 to 5. The College registered with the Charities Commission on 3 December 2010. Its registered number is 1139261.

LINCOLN COLLEGE Report of the Governing Body Yaar ended 31 July 2024 STRUCTURE, GOVERNANCE AND MANAGEMENT Gov&rning documents The College is governed by its Statutes, dating from 1478, and most recently updated in 2003. Governing Body The Governing Body is constituted and regulated in accordance with the College Slalutes, the terms of which are enforceable ultimately by the Visitor, the Bishop of Lincoln. The Governing Body is a self-appointing corporate body. Membership is subject to review and renewal and lapses with retirement from office. New members of the Governing Body are elecled when they are appointed to Tutorial, Professorial or Official Fellowships with the College. Tutorial and Professorial Fellows are elected on the basis of their experience of and contribution to education and research in their field of study. College Officers appointed as Official Fellows are elected for the professional andlor administrative skills and qualifications that will enable them to contribute to the Governing Body s management of the College. Some Tutorial Fellows and all Professorial Fellows hold their College posts in conjunction with posts held at Oxford University. Other Tutorial Fellows and those College Officers who have been appointed to specific administrative or managerial roles in the College are College-only appointees. The Governing Body determines the strategic direction of the College and regulates its administration and the managemenl of its finances and assets. It meets regularly with the Reclor as chair and is advised by its various committees. Recruitment and training of Members of the Governing Body New Members ofthe Governing Body are recruited when they join the College as Tutorial, Professorial or Official Fellows. Recruitment to these posts may be in one of two ways. If the post is one that is joinlly appointed by Ihe College and by Oxford University (as is the case for some Tutorial Fellows and all Professorial Fellows), the recruitment exercise will have been conducted jointly by the College and the relevant department of the University, with representatives of both entilies serving on the selection panel. If the post is one whose appointment is solely at the discretion of the College (as is the case for some Tutorial Fellows and Official Fellows such as the Senior Tutor, the Bursar and the Development Director), the recruitment process will have been managed entirely by the Rector and Fellows of the College, aided by expert advisers from outside the College. New Fellows are formally elected to the Governing Body as soon as is practicable after appoinlment to their Fellowship,. they take Ihe College oath at the first available meeting of the Governing Body. Induction into the workings of the College, including Governing Body policy and procedures, is by means of meetings with senior colleagues. New Fellows do not vote al Governing Body meetings during their first year in office: they therefore do not become trustees of the charity until they have been in post for one year. New trustees are provided with guidance documents issued by the Charity Commission and trustee training sessions are made available to members of the Governing Body.

LINCOLN COLLEGE Report of the Governing Body Year ended 31 July 2024 Remuneration of Members of the Governing Body and Senior College Staff Members of the Governing Body who are primarily Fellows are taaching and research employees of the College and receive no remuneration or benefils from their trusteeship of the College. Those trustees that are also employees of the College receive remuneration for their work as employees of the College that is based on the advice of the College's Remuneration Committee, members of which are not in receipt of remuneration from Ihe College. Where possible, remuneration is set in line with that awarded to the University's academi¢ staff. Organisational management The members of the Governing Body meet at least nine times each year. The work of developing the Governing Body's policies and monitoring their implementation is carried out by a number of Committees, of which some are Committees of the Governing Body and others are Committees overseeing particular funclions of the College. The principal Committees of the Governing Body are: Finance Committee= an advisory Committee of the Governing Body whose remit covers matters relating to finance, accounting, investments. estates, premises and risk management., chaired by the Rector, convened by the Bursar., membership includes two alutnni representatives with special experience of investments and of financial management,. student represenlatives attend for Unreserved Business,. this Committee meets at least six times per annum. Senior Tutor's Committee.. an advisory Commiltee of the Governing Body whose femit covers matters relating to the academic work of the College (both education and researchl- chaired by the Rector. convened by the Senior Tutor- student representatives attend for Unreserved Business., meets at least six times per annum. Planning Committee.. an advisory Committee of the Governing Body whose remit covers College strategy. chaired by the Rector, convened by the Bursar, and including up to two alumni representatives,. student representatives attend for Unreserved Business,. meets at least twice per annum. Domestic Committee.. an advisory Committee ofthe Governing Body, chaired by the Rector and convened by the Domestic Operations Manager. This Committee's remit covers all domestic operations within the College. Student representatives attend for Unreserved Business. The Committee normally meets at least six times per annum. Senior Library and Archives Committee.- an advisory Committee. chaired by the Rector and covened altemately by the Fellow Archivist and Fellow Librarian. This Committee's remit covers all matters relating to the Senior Library and the Archive., the Committee normally meets at least three times per annum. Junior Relations Committee.. chaired by the Rector. convened by the Senior Dean., members include representatives of the student common rooms, the Chaplain and the College's Doctor and Nurse. together with other College officers,. this Committee meets at least three times per annum. Welfare Committee.. chaired by the Rector, convened by the Welfare Dean,. members include representatives ofthe sludenl common rooms, the Chaplain and the College's Doctor and Lodge Manager togèther with some College officers-, this Committee meets at least three times per annum. Equality Committee: chaired by the Bursar. convened by thè Human Resources Manager., memborship include5 members of staff and student representatives,. this Committee meets three times a year. Health and Safely Committeè.. chaired by the Bursar, convened by the Domestic Operations Manager,. membership includes members of staff and student representatives., normally meets at least three limes per annum, but this year met twice as there wa5 no meeting in Trinity term. Nominations Committee considers appointm8nts of Fellows to all the College's standing Committees on which Fellows {as opposed to ex officio members) serve and lo College Officers, posts.11 also identifies persons

LINCOLN COLLEGE Report of the Governing Body Year ended 31 July 2024 appropriate for election as Honorary Fellows. The Sub-Rector convenes the Commiltee which meets once a year in Hilary Term, with additional meetings if required. Other committees with specific functions within Ihe College are: Development Committee.- chaired by an alumnus, convened by the Development Director,. remit covers alumni relations and fund-raising., membership includes a number of alumni and College Officers. Remuneration Committee.. an advisory committee of the Govarning Body, whose rÉmit extends to making recommendations in raspect of the remuneration and benefits of trustees in which some discretion or judgement is required.. the chair and all members are external to the College (that is, none is a trustee or an employee of the College}. meets once per annum or more frequently if so required. Sustainability Committee focuses on the College's actions to promote environmental sustainability. It is chaired by the DoTnestic Operations Manager with a Fellow participating as a committee member. This committee meels three times a year and reports to the Domestic Committee Prevent Committee. The Prevenl Committee is chaired by the Rector and convened by the Clerk to the Truslees. The Committee implements the UK Govemmenl's Prevent Duty guidance. Implementation of the Governing Body's policies and decisions is undertaken by College Officers, chief among whom are the Rector, the Bursar, the Senior Tutor, the Senior Dean, the Development Director, and the Domestic Operations Manager. The Officers are assisted by members ofthe College's staff and, from 1st October 2024, supported by a Clerk to the Trustees. Group slructure and relationships The College administers many special trusts, as detailed in Notes 19 and 20 to the financial statements. There are two charitable bodies which are constituted independently of the College and whose objects are solely for the benefit of the College and its members. These are the Lincoln College Michael Zilkha Trust Iregislered charity number 10951131 whose object is to support the educalional andlor research activities of the Fellows of Lincoln College.. and the Lincoln 2027 Trust {registered charity number 1136816) whose objecl is to raise and accumulate funds to provide new and substantial financial support for the College. The College has two wholly owned non-charitable subsidiaries. These are= LinGoln College Enterprises Limited, which undertakes major building and refurbishment works relating to the College's premises", and Lincoln College Trading Limited, which undertakes the College's conference business and catering or accommodation services provided to non-college members. Annual profils of the subsidiaries are donated to the College under the Gift Aid Scheme. The College is part of the collegiale University of Oxford. Material interdèpondencies between the Univer51ty and the College arise as a Consequen￿ of this relationship.

LINCOLN COLLEGE Report of the Governing Body Year ended 31 July 2024 OBJECTIVES AND ACTIVITIES Charitable Objects and Aims The College's objects are the advancement of education, study, and rasearch in particular through the provision, support and maintenance of a college in Oxford., the advancement of religion, including the provision and support of a chapel in accordance with the principles of the Church of England. The aims set for the College's subsidiaries are to help to finance the achievemenl of the College's objects. The Governing Body has considered the Charity Commission's guidance on public benefit and in keeping wilh its objects, the College's aims for the public benefit are.. to admit students and to appoint academic staff solely on the basis of academic merit and potenlial, without regard to sex, gender. ethnic origin, religion, disability or financial circumstances,. to provide financial support to students, both from its own resources and in conjunction with the wider collegiate University., to honour the College's commitment to participation in bursary schemes organised in the name of Oxford University (e.g. the Oxford Bursary); to Gommit resources to programmes of outreach and access, initiated both by the College and by the University" to welcome members of the Pltsblic as visitors to the College and to its events and facilities,. to preserve and share its heritage. The College takes very seriously its commitment to provide financial support for its students. In 2023-24 the College maintained an extensive programme of financial support for undergraduate and postgraduate students, in the form of bursaries (to assist with living costs), hardship support (to assist with unexpected rinancial difficulties) and scholarships (awarded in recognition of particular academic merit) amounting in total to more than £1.831 million. The support from the College was given in addition to any support students may have derived from govemment-sponsored sources such as the Student Loans Company. Lincoln participated in the University's fee-waiver programme, subsidising undergraduate tuition. Fifty Lincoln undergraduate students received bursaries of up to £5,800 each via the Oxford Bursary Schemes. In total, in addition to fee reductions, the College contributed £70,280 to the Oxford Bursary Schemes. The College notes in particular the generosity of alumni that has made possible additional support for undergraduales from less-privileged backgrounds. One hundred and three students were awarded an aggregate £188,621 from Lord Crewe's Charity and from the CLtthbert, Kingsgate. Henrey, Black5taffe. Bearley, Mary Kift Legacy., Millerchip. Finn and Featherstone funds. The College made additional grants and loans totalling £53,106 to undergraduates who experienced varying degrees of financial hardship. Scholarships, prizes and academic grants were awarded to undergraduate students to reward academic excellence and to encourage academic endeavour.. in 2023-24, the total awarded was £56,331. In 2023-24, 208 post-graduate students were the recipients of scholarships, studentships and bursaries amounting to £1,361,274. Lincoln now has an extensive programme of graduate scholarships and grants. However, il continues to be challenging to provide sufficient funding for graduatos in Humanities and Social Sciences.

LINCOLN COLLEGE Report of the Governing Body Year ended 31 July 2024 The financial support provided by the College through bursaries and scholarships enables the College lo admit students of the highest academic ability who would not otherwise have been able to study in the College. Although the primary beneficiaries of the College's work are its residenl members, both students and academic staff directly engaged in education, learning and research, olher beneficiaries also include.. students and academic staff from other colleges and of Oxford University as a whole". visiting academics from other universities,. schoolchildren visiting the College for introductory sessions., and alumni of the College and other visitors, including members of Ihe general public, who may attend educational events such as concerts, exhibitions and Chapel services and have accèss to the gardens and historic buildings. During 2023-24, the College hosted a number of events for the benefit of the wider public. The College makes availablè its newly renovated accommodation in the Mitre building to the public for guest accommodation. Opening the College to other students. prospective students and academic Staff, in addition to the public, enables the College's facilities to be of benefil to the public. Outreach The College has acted on it its commitment to programmes of outreach designed to improve acce5S to Oxford University. The Access and Career Development Fellow {ACDF)was appointed and started in September 2021. The College has a full-time Access Officer. whose role is to encourage applicalions to Oxford, particularly from our link regions of Lincolnshire, Northamptonshire and the North East. The Access Officer, together with the ACDF, Fellows and Tutors ofthe College, undertook a programme of events, including visits to schools and study days for individuals. These included two-day workshops for History and the Ancient World, English Literature and a new separate stream for Modern Languages, alongside Physics and Engineering. Admissions test workshops were held, with the support of fellows and tLJtor5. for Target Oxbridge. In 2023-24. 36 events were organised for schools in our link regions of Lincolnshire and Northamplonshire and with consortium partners in both the East Midlands and North East- many of these events involved contact with more than one school. A further 22 were held. solely or in collaboration with partners, that were extra-regional or non-regional. The College's flagship programme- Pathfinders, is an educational and aspirational enrichment intervention aimed at 13-16-year-olds in our linked regions who are eligible for free school meals. There have been four events for Pathfinders so far with others planned for September 2024 and March 2025. After this, the 'alumni network, component of the programme will become active. Eighty pupils are currently enrolled across three cohorts. In 2023-24. the College's expenditure on activities assoGiated with oulreaGh work and the recruitment of new students was £165,200. The College is not aware of any detriment or harm arising from carrying out its charitable objects. There are no geographical restriclions in the College's objects- students and acadernic staff are drawn from around the world. There are no age restrictions in the College's objects (though it is lo be rTOted that most students of Ihe College are aged between 18 and 25}. The College's objects do not imply any restrictions as to religious behaviour or belief. Activities and Objectives of the College The principal foGus of the College's activities is on its academic work.. that is, high-quality research and the education of new generations of students, both in a wide range of subj8Ct areas. The College maintains and develops the experience of a residential communily whose senior and student members are engaged in the pursuit of academic excellence. To this end, the College provides facilities for study in the form of teaching and seminar rooms, lecture theatres. computer facilities and co-operative access to the laboratories. libraries 10

LINCOLN COLLEGE Report of the Governing Body Year ended 31 July 2024 and other facilities provided by Oxford University. The extensive Library and Archive constitute a valuable resource for members of the College and for others by arrangement. The College also provides a sufficient number of study bedrooms to accommodate many tutors and the majority of its students as well as facilities consistent with the provision of an all-round education (a sports ground, a boalhouse and spaces for musiG, art and drama). ACHIEVEMENTS AND PERFORMANCE During the year 2023-24, Lincoln College has registered significant achievements consistent with its two charitable objects. Students In conjunction with Oxford University. Lincoln College provides an education, intemationally recognised as being of the highest standard. for 697 undergraduate and postgraduate students from all over the world. This education develops students. academic abilities. interpersonal skills and leadership qualities and prepares them for full and effective roles in society. The College provides teaching facilities together with academic, administrative and pastoral support to its undergraduate and postgraduate students. The College continued in its principal work of preparing students for examination in a range of subjects and al various levels at Oxford University. Undergraduate numbers totalled approximately 327 spread over three or four years of study, in line wilh Lincoln's long-standing policy of providing full tutorial provision, pastoral care and residential accommodation for this number of students. Much of the education provided to undergraduate students is via the tutorial system, by which students meet their tutors individually or in small groups on a weekly basis dLAring term for in-depth discussion of pieces of prepared work. In addition to tutorials, the College also provides classes and seminars in conjunction with departments ofthe Univefslty. Ninety-two undergraduate students (excluding Clinical Medicine students) in their third or fourth year of stLAdy completed the Final Honours School in 2024, with 37 being placed in the First Class or achieving a Distinction and 52 being awarded a 2-.1 degree or achieving a Merit. Post-graduate students nufflbered approximately 370 throughoul the year, with approximately 70 per cent of students undertaking lengthy programmes of research (leading, for example, to doctoral-level degrees) and 30 per cent undertaking shorter, structured courses of tuition leading to examination. Each postgraduale student is assigned a College advisor who provides academic advice and pastoral support., the College-appointed Tutor for Graduates maintains overall oversight of postgraduates, welfare and academic progress. Forty-four sludents were granted leave to supplicate for their DPhil degrees during the year., and of the 52 studenls who passed examinations for their post-graduate qualifications in the summer of 2024, 18 achieved a Distinction and 23 achieved a Merit. The College continued to encourage education in its broadest sense, supporting its student members in a wide range of cultural and sporting activities and in service to others. Forty-three members of the College received awards from the College's Blues Fund, which not only rewards students for representing University teams, but helps them to fulfil their aspirations in sports, including rowing, tennis, rugby, badminton, cycling and swimming, to name but a few. VacProj is a Lincoln student charity which organises and hosts holidays for under-privileged Oxfordshire children. 11

LINCOLN COLLEGE Report of the Governing Body Year ended 31 July 2024 Fellows and Lecturers The College advances research by.. Paying stipends lo Fellows and supporting the costs of their research through sabbatical and special leave.. Making funds available to Fellows for attendance at international and national conferences, for research trips and for research materials,. and hosting academic conferences and lectures in the College., Sponsoring visits by academic rasearchers from all over the world., Providing research fellowships to outstanding (mainly) young academics to enable them to establish a research profile as a prelude lo obtaining a permanent academic (teaching, research and administrative) post. In the 2023-24 academic year, the College welcomed lo the College as Governing Body members, Professor Louis-Pierre Arguin, Tutorial Fellow in Complex Systems., Dr Jack Kelly, Darby Fellow in Pure Mathematics and Dr Anthony Roberts, the Berrow Foundation Lord Florey Fellow in Bi(Khemistry. Professor Johannes van den Anker. Newton-Abraham Visiting Professor joined the College in early October 2023 for one year. He was be a member of the Goveming Body. In the year 2024-25 we welcome our newly elected Rector, Mr Nigel Clifford, who succeeds Professor Woudhuysen. We will welcome four new Darby Fellows". Dr Aled Davies. Darby Fellow in Modern History.. Dr Rebecca Menmuir, Simon and June Li Fellow in English Literature., Dr Joanna Raisbeck, Montgomery Fellow in German Literature," and Dr Andreas Vassiliou. Darby Fellow in Law. In addition, we are joined by the HR Woudhuysen Junior Research Fellow in Material Cullure, Dr Thomas Cooper,. and the new Chaplain and Lord Crewe Career Development Fellow, Rev Df Jonathan Torrance. The College thanks Dr Joshua Bennett. Dr Christophe Schmitt-maass, Dr Harriel Soper, Dr Yoel Klug and Professor Loda, Newton-Abraham Visiting Professor all ofwhom left Ihe College in 2023-2024. Fellows. Research Senior members of the College combined their teaching and educational dulles with research work of the highest quality in 2023-24. There follows a representative list of notable research achievements by Fellows and academic researchers associated with the College.. LoL¢iS-Pierre Arguin (MathematiC5} This year Professor Arguin delivered lectures at the Mathematical Institute for a fourth-year and Masters course on Random Matrix Theory. a fascinating subject with deep connections to mathematical physics, mathematical finance, and machine learning. His research explores one of these directions further: the strange appearance of random matrix statistics in number theory, the field of mathematics focused on prime numbers, in particular. Professor Arguin submitted four articles on the subject this year, two of them with his DPhil students at Ihe Institute. He is also currently writing a book that maps out the r8cent progress in Ihis research area, entitled Extr6me Value Theory of the Riemann Zeta Function.. A Probabilislic Approach. Professor Arguin was honored to have been invited to share his results around the counlfy in seminars at Bristol, Queen Mary, Warwick, and at the World Congress in Probability in Germany. 12

LINCOLN COLLEGE Report of the Governing Body Year ended 31 July 2024 Peter Atkins (Chemistry) Professor Alkins had only one book this year, but two others are in the works. He completely rewrote and re- illustrated Concepts in Physical Chemistry, originally published in 1995. It is a 400-page, alphabeti¢ally organized, fully illustrated encyclopaedia of concepts. Through the Royal Society of Chemistry, its online version is frea to download. He is ragarding it as a gift to the Chèmical community. Radu Coldea (Physics) Over the past academic year, Professor Coldea together with his research group has continued to explore experimentally the properties of magnetic materials thal realise slrongly-interacting quantum systems. Of particular interest have been materials with layered structures, where the magnetic ions are arranged in well- separated honeycomb layers. In such geometries in the presence of strong spiri orbit COLtplings, the interactions between magnetic ions can become strongly frustrated and the quanluTn problem of how the magnetic momenls behave in this case is not solved. Rare-earth ions are particularly interesting to explore experimentally as they have extremely strong spin-orbit couplings, but progress in experimentally studying their properties has been hampered by major materials synthesis challenges. A recent highlight of research from his group is the successful synthesis for the first time of single crystals of a honeycomb oxide based on the rare-earth Praseodymium ion., it will be exciting to perform further in-depth experiments on this novel material. Another direction of research this past year has been the dynamics in tfansition-metal oxides that realize strongly-frustrated triangular magnetic layers" here neutron scattering experiments on single crystals in high applied magnetic fields have revealed very rich dynamics, which are currently compared with theoretical models of quantum dynamics. Over the past academic year, Professor Coldea has given invited presentations on research in his group in Ringberg (Germany). Trieste {Italy), Chennai (India), Aspen Center for Physics (USA), and Wa￿iCk (UK). This academic year he has also had the honour of being elected a Fellow of the American Physical Sociely for 'significant conlrrbutions to the understanding of quantum magnetism and quantum phase transitions using neutron and resonanl x-ray scattering.. Stefan Enchelmaier (Law) Professor Enchelmaier spent his academic year mostly teaching and examining. Teaching Lincoln's first year- students Roman law as well as European Union Law lo the finalists of Lincoln, Corpus Christi, New College, and Wadham in Michaelmas was followed in Hilary by revision in both subjects, and by 15 hours of EU law for Keble's finalists. Marking Roman Law Moderations took up most of the interval bebNeen HT and TT. Trinity was filled with tutorials and pre-tutorial classes in contract law for Lincoln's first-years", the first-years of Exeter College participated in the pre-tutorial classes. Marking FHS and BCLIMJur exam scripts lasted into late July. and was followed by teaching on the second iteration of Lincoln's Summer Academic Programme. For the Faculty, he gave an introduction to the English law of contract for civil lawyers about to begin their studies towards the Magister Juris. lectL¢red on European trade law, and held seminars on the Roman law of delicts. He also led one seminar session each on the relationship European Union law and national {private} law, and on wmparative private law. Professor Enchelmaier completely updated his contribution to a commentary on German and European competition law, on the occasion of thg adoption, since the last edition120211, of Block Exemplion Regulation (EU) No. 20221720 on Vertical Agreements. No. 202311066 on Research and Developmer7t Agreements, and No. 202311067 on Specialisation Agreements. The Liber Amicorum for Professor Stephen Weatherill was published with a contribution of his on the influance of the organisation of the Court of Justice of the European Union on the (shortcomings in the) jurisprudence on the free movement of goods in the European internal market. He gave a presenlation based on this contribution in March at a symposium in honour of Professor Vveatherill at Sometville College. In the first week of October, he was at the Faculty of Law of Mazaryk 13

LINCOLN COLLEGE Report of the Governing Body Year ended 31 July 2024 University in Brnolcz. where he gave lectures on Block Exe.mption Regulation IEU) No. 20221720 on Vertical Agreements, on the legal structure of the Eu's internal market, and on a comparison between British and continental higher education. He also led an intensive doctoral seminar with four participants at the Faculty, and had a discussion with a judge al the Czech Constitutional Court. Perry Gauci (History) This year Dr Gauci made some headway on several projects. He completed his research on London's eighteenth-century bankers. and a book manuscript was submitted to the Oxford University Press in the autumn. He was also able lo make significant strides in his research for the College's 600th anniversary celebrations, and he has enjoyed the chance to immerse himself in the lives of many generalions of Lincolnites. He has revelled in the opportunities lo engage with new sources, themes, and perspectives, and looks forward to sharing these Lincoln stories soon. Jack Kelly (Matherrtatics} Dr Kelly returned to Lincoln as Darby Fellow in Pure Mathematics after a three-year period as Simons Postdoctoral Research Fellow in his home city of Dublin. Upon starting back at Lincoln. he was immediately reminded how enjoyable and invigorating an experience it is lo tutor bright students. As was the case during his last stint here he has mainly been te.aching the algebra courses, but this time he has especially enjoyed being able to bring a pure mathematical spin to the Multivariable Calculus and Differential EqL¢ations courses. During his first year back. the College has provided a produclive research environment= his monograph, Homotopy Theory in Exact Categories, which has been published in the Memoirs of the American Mathematical Society. and he has Completed drafts of his jointly co-authored book A Perspective on the Foundations of Derived Analytic Geometry. as well as his paper'Flat model structures for accessible exact categories,. The summer has also been a busy one for research activity. including co-organising a conference at the University of Padova and a research visit to the International Centre for Mathematical Sciences in Edinburgh. Mark Kirby {Hi51oryl This year has mostly been one of writing up three years of research on the architectural history of the College Chapel into a book. He holds that architectural history is as much about Ihe beliefs, politics, culture, and people of the time as it is about style and who built what. Especially in ecclesiastical architecture. understanding a building like the College's Chapel also requires understanding the religious and political turmoil of the pre-civil War poriod, and delving into the psyche of Bishop John Williams, the man who gave the Chapel to the College. The book is nearly done and is due for publication in 2027 on the 600th anniversary of the foundation of the College. He is grateful lo Professor Woudhuysen for having commissioned the book and lo the College for supporting him through the project. He is looking forward lo returning to the archives shorlly to research the College Library- All Saints church as was- to Contribute one chapter to a wider book on the College's architectural history. 14

LINCOLN COLLEGE Report of the Governing Body Year ended 31 July 2024 Roel Konijnendijk (Ancient History) The lasl year has been another teaching-heavy year, but with several highlights. Dr Konijnendijk was delighted to teach Ihe 'Achaemenid Pérsia, 550-330 BC, paper for the first time. This is a fairly new class- taught paper offered centrally at the Classics Faculty, but one that Lincoln's entire second-year cohort in both AMH and CAAH chose to take. At the request of his students, he also organised an informal waekly reading group on ancient warfare (his own research field). This reading group began with three Lincoln undergraduates and ended the year with 19 students from 6 differenl colleges attending. His research on aspects of Greek warfare continues slowly but steadily. Forthcoming chapters déal with war and finance, Greek masculinity, the Athenian civil war of 403 BC, and the military legacy of the Spartans. Good progress has finally been made on his second edited volume, The Economics of Waf in Ancient Greece, which will appear with Bloomsbury in late 2024. Andrew Lewis (Medicine) This year. in addition to his clinical commitments, Df Lewis has secured a major external research fellowship from the British Heart Foundation which will enable him lo build and develop his research programme in Oxford over the next 5 years. He has also published a number of further research articles and has given an invited lecture at the European Society of Cardiology Congress which was held in LorTrdon over the summer. His group will have further presentations at intemalional meetings later this year. Dr Lewis is grateful to the College for the opportunities afforded by the Kemp Fellowship which have been invaluable throughout this career phase. Peter Mccullough (English) Professor Mccullough is preparing the next volume of the Donne sermons edition (Oxford University Press). Related to the Donne edilion, he was pleased to offer a lecture on the theology of Donne's christening sermons in the 'Recollection Series, al Pusey House. where he found the College's former chaplain, the Rev. Dr. George Weslhaver, on fine form. He was delighted to offer the address at a Michaelmas evensong at Balliol, at the invitation of another of the former College chaplains, the Rev. Dr. Melanie Marshall, and to contribute to a special evensong with readings from Donne's Devotions led by Lincoln DPhil the Rev. Dr. Erica Longfellow, Dean of Divinity at New College. He was pleased to have a full house in the College's Chapel for a lecture and reading of one of Donne's sermons for the Oxford Literary Feslival in April, back by popular demand after a debut the previous year. Professor Mccullough also represented the College at the enthronement of the new Bishop of Lincoln, the Rt. Rev. Stephen Conway (a great friend of the College and former Lord Crewe Trustee) in his Cathedral in November. A further aGademic highlight was attendin9 an outstanding British Academy symposium on music in the early modern Chapel Royal at Burlington House in June, where Professor Mccullough had the pleasure of offering thè concluding remarks. In College, Professor Mccullough concludes his term as the College's first Anti-Racism Advocate where he advocated tho College's meaningfijl and robust commitment to inclusion and diversity- He participated in the College's outstanding residential summer school for students from disadvantaged backgrounds, offering a lecture that introduces 14-year-olds to the joys of the sonnot. He also undertook archival resaarch for the first time since the pandemic, in the London Melropolilan Archivè, The National Archive, Lambeth Palace Library, and the Norfolk Record Office. Professor Mccullough serves as Garden Fellow, overseeing Mike Hawkins, the Head Gardener in the College, and his team as they push horticultural and sustainability standards ever further wilh a winning combination of knowledge, skill, kindness, and commitmonl to the ethos of Lincoln.

LINCOLN COLLEGE Report of the Governing Body Year ended 31 July 2024 Rebecca Menmuir {Englishl Over the past academic year, Dr Menmuir has seen her first monograph through final revisions.. Mediaval Responses to Ovid's Exile is due to appear with Cambridge University Press in the forthcoming year. As part of her ongoing research on medieval forgeries of Ovid, she prodlsced an article editing the glosses to the pseudo-ovidian De vetula. Elsewhere Dr Menmuir submilled an article arguing that the pseudo-ovidian Nux is in fact genuinely Ovidian. which she is now revising. She edited a special issue on 'Forging the Medieval, in postmedieval, and her edited volume Authenticity in Medieval and Early Modern Literature was contracted with De Gruyter, submitled. and revised. Five of her book reviews were published, with two more forthcoming. She became the Associale Editor of Chapters 2-5 of the Year's Work in English Studies, as well as contributing chapters on Chaucer and Gower, and she also wrote for the online Gower bibliography. Several of these projects were supported by presenting at conferences in Rome, Pasadena, Leeds, and Melbourne. Dr Menmuir has greatly enjoyed organising several events based on her interests in Neo-Latin and historic cities. This included a coricert of Early Modern music at St Bartholomew the Great Church and walking tours on Early Modern Latin and Refomation Smithfield. In November she will host a day celebrating Giordano Bruno, including walks following his Cena de le Ceneri along the Stiand and a talk with Stephanie Merritt on her novel Heresy- a sixteenth-century murder mystery set at Lincoln College. She hopes to organise many more such events during her Fellowship, and is excited to return to Oxford and to teaching in the new setting of Lincoln. Timothy Michael (English) Dr Michael's interest in William Hazlitt, one of the great English literary critics, bore fruit this year in an article published in the leading journal of English literature, The Review of English Studies {htt s.-Ildoi.or 110.10931reslh ad107). The essay looks at how Hazlitt's conception of 'disinterestedness', first formulated in his earliest philosophical treatise and then modified in his laler work, underpins his involvement in some of the Romantic period's most consequential debates and legal cases about the liberty ofthe press. The essay concludes with some reflections on our own debates about the freedom of speech and argues that Hazlilt's work provides us with a valuable perspective on the importancwnd the fragility.-of free speech in liberal societies. Dr Michael found teaching Lincoln undeigraduates, as ever. a privilege. They continue to surprise him with their inventiveness, enthusiasm, and dedication. Dr Michael served as Chair of the FHS Exam Board for the English faculty, which gave him a greater appreciation of the rigour of assessment practices, the complexities which inevitably arise from them, and the care with which colleagues approach this vitsl aspect of the undergraduate programme. Lau re Miolo (History) This year, in addition to her regular leaching of Latin and French palaeography, diplomatic and codicology for the Faculty of History, Dr Miolo has been organising a weekly seminar on Lincoln's medieval documents with the College Archivist, Lindsay Mccormack, 'Exploring Medieval Oxford through Lincoln Archives,. The students presented their remarkable work of transcription, translation, and analysis al a one-day conference on 24 May, 'Recording Oxford's Medieval Lives.. A Mise en Perspective of the Lincoln Documents,. This seminar will be Gontinued in 2024-2025. In terms of promoting and making medieval manuscripts and documents more accessible to student5. she has organised several Show-and-Tell events, including the series 'A journey with Medieval Manuscripts,. On the research side, she has published two articles, including one in Archive for History of Exact Sciences,. she also co-ediled a book published by De Gruyter in the 16

LINCOLN COLLEGE Report of the Governing Body Year ended 31 July 2024 collection Studies in Manuscript Culturas, and a special issue of the Cahiers de recherches médiévales et humanistes. Dr Miolo gave five talks in Oxford, London, and Venice, including one of the Gresham Lectures for the annual BSHM event. She is also extremely grateful to the Zilkha Fund for supporting two research trips to Italy and Spain, which have enabled her to prepare forthcoming articles on madieval astronomy. Reese Oosterbeek (Engineering) Dr Oosterbeek started at Lincoln in September 2023 as the new Tutorial Fellow in Mechanical Engineefing and is grateful for the warm welcome he received from all his new colleagues. His fellow engineer, Prof. Paul Stavrinou, in particular has been supportive in helping him settle into this new role. Guiding his first set of students through the first year of the undergraduate course has been challenging but rewarding. Since first coming to Oxford in 2022 from a postdoctoral role at Imperial College London. Dr Oosterbeek has been focusing on setting up his laboratory and recruiting a research team. This coming academic year {2024-25), he will have his first two DPhil students starting and, with support from the John Fell Fund and Engineering Department. new experimental facilities are now in place. Their research will focus on 3D printing structured materials for temporary medical implants. aiming to provide improved Ireatment options for fractLAres and long- term conditions like osteoarthritis. He is excited to be establishing a new research group in this promising area. Kimberly Palladino {Physics} Dr Palladino has this year continued to operate and analyse data from the world's most sensitive direct dark matter detector. LZ. with improved sensitivity reported in August 2024. Located in a mine in South Dakota. it will continue running for the next few years looking for the particles that may make up the dark matter that gravitationally dominates galaxies and larger structures in the universe. She is working on planning for a liquid xenon time projection Chamber experiment, XLZD, that would be operational in about a decade. Dr Palladino is helping to develop the prospect to expand the Boulby Underground Laboratory outside Whitby to host XLZD as Ihe largest international physics experiment ever located in the UK. Dr Palladino tutors Lincoln Physics students ill the first and second years, and leotures on Special Relativity and is a senior demonslrator in practicals to first-year students in Ihe Physics Course. Aleksei Parakhonyak {Economics) This year, Dr Parakhonyak continued working on the topic of information and constraints. He completed a paper titled 'Strategic Use of Product Delays to Shape Word-of-mouth Communication." which was presented at several conferences, as well as the paper on an experimental study, Product Scarcity and Social Learning.. Experimental Evidence., both co-authored with Nick Vikander from the University of Copenhagen. Another paper with Dr Vivander, "Product Delays, Word of Moulh, and Observational Learning, combines the market forces they studied in previous research observational learning and word of mouth. This is the first paper in the literature lo consider the combination of these two critical channels of information, creating unique incentives for firms to restrict capacity. Another project, conducted jointly with Martin Peitz and Anton Sobolev from the University of Mannheim. examinas how restricting capacity and creating a fèar of sell-outs can mute consumer search and lead to monopoly pricing in the market. This research highlights the importance of platforms providing inventory information (e.g. Amazon's message that "x units left"). 17

LINCOLN COLLEGE Report of the Governing Body Year ended 31 July 2024 J.P. Park (History of Art) Professor Park has focusad this year on final proofreading and securing copyright permissions for his forthcoming book on forgery in Chinese art. Like any other art history book, it requires substantial resources for design, colour printing, and high-quality materials. He is pleased to report that the production was supported by two major grants from the James P. Geiss and Margaret Y. Hsu Foundation in the U.S. and the Chiang Ching-kuo Foundation in Taiwan. Additionally, a Chinese translation of one of his books was reGently published by the premier art history publisher in China. Professor Park also had a new academic article PLtblished in The Transactions of the Oriental Ceramic S(Kiety. In January, ha had the honour of delivering a lecture as part of their distinguished lecture series at the University of Edinburgh. During Trinity Term, he was able to take his first sabbatical leave since arriving at Oxford and Lincoln, which allowed him to embark on a two-month research trip to China and Japan for his next book project. Alexander Prescott-couch {PhilosophyJ This year. Dr Prescott-couch began a Leverhulme Research Fellowship for his project 'The Politics of Understanding,. The fellowship runs from April 2024 to October 2025 and has allowed him to push forward his research about the aims and political import of work in the interpretive social sciences. In response to increased political polarization, many emphasize the need to 'understand' fellow citizens, with social science as a potential tool. However. the specific type of understanding needed, its conneclion to typical social science aims, and its political relevance remain unclear. This project explores different forms of 'political understanding, and argues that recognizing these distinctions enhances our appreciation for qualitative research methods like ethnographies, while also revealing Ihe limits of quantitative methods and problems with the focus on causal explanation as Ihe primary aim of social scientific research. As part of this project, Dr Prescott-couch published two papers this year. Narrative Understanding, in the The European Journal of Philosophy and 'Exemplary Narratives and the Problem of Minor Details, in Topoi. He also firiished a paper 'Two Conceptions of Political Understanding . which is currently under review. In addition lo this projecl on the social sciences, he is Gontinuing to work on papers and a book on Nietzsche and the relevance of historical knowledge for moral philosophy. One paper in this project, 'Nietzsche and the Significance of Genealogy, was published in Mind Ihis year. He also completed drafts of Iwo additional papers within this project, titled 'Genealogy and Essence. and 'Against Problematization Accounts of Genealogy,, which he plans to publish next year. Peter Sarkies {Biochemistry) In the first term of the academic year, Dr Sarkies was on sabbatical, and used thi5 lime to visit the 'Tree of Life, program at the Sanger institute. This program aims to sequence the genome of every species in the UK. It is therefore a great resource for his research, as he is interested in the diversity of gene regulatory mechanisms across animals. Whilst Ihere. he generated some new hypotheses about the evolution of one type of gene regulation in particular, a group of tiny RNA molecules called piRNAs that defend genomes againsl transposable elements la kind of virus that spreads within the cell rathèr than between cells). Even though piRNAs are very important in most species. there are a lot of animals genomes that have lost piRNAs altogether. and why this happerls is still a great mystery. He published an article ('Thè curious case of the missing piRNAs') to summarise his ideas. Dr Sarkies returned in Hilary Term. reinvigorated, and enjoyed teaching molecular evolution and gena regulation courses. He considers himself fortunata lo have two tremendous foijrth-year students in his lab. Their projects opened up some very exciting new directions to follow. particularly in understanding how gene 18

LINCOLN COLLEGE Report of the Governing Body Year ended 31 July 2024 regulatory mechanisms can drive evolution throLsgh directly affecting the rate at which DNA sequence changes. This is a controversial topic bul an exciting new frontier in understanding how life evolves. Anthony Roberts (Biochemistry) A research highlight this year for Dr Roberts was solving the structure of a human motor protein with sufficient resolution to determine how its atoms are arranged. Mutations in this protein, dynein-2, are associated with a rare childhood disorder, and knowledge of its atomic structure gives a much clearer picture of why variants cause disease. The work also informs how the protein functions to support life in healthy conditions. Addressing this question involved combining the detailed. but static, views of the molecule obtained using electron microscopy wilh live videos of it performing its role transporting cargoes wilhin cells, which were captured using fluorescence microscopy. The work was published in 2024 and presented at the EMBO Cryo- EM Conference in London and the FASEB Cilia and Flagella Conference in Minnesota. Regarding teaching, Dr Roberts developed new tutorials in Molecular and Cellular Biochemistry for first-year students, as well as in Molecular Processes in the Cell and Biochemical Toolboxes for second- and third-year students. Maryanne Saunders {History of Art} Thi5 year Dr Saunders has been as busy as ever. Over the summer, Dr Saunders held a visiting fellowship at the Clemente Couise for the Humanities, hosted in Maine and spent some time in Cambridge, MA resulting in an exhibition review in the 'Art + Christianity, journal. She is preparing to present her research from last year's fellowship at Yale at the Society for Biblical Literature conference in San Diego later this autumn. Having entered the last year of her four-year appointment. she is leaving Lincoln earlier than anticipated to take up the position of Howard and Roberta Ahmanson Research Fellow in Art and Religion at the Nalional Gallery and visiting leclurer at KCL. She will miss the College, her colleagues, and students, but is excited about the new challenges ahead. RRR Smith (Classical Archaeology) A book written with former Lincoln graduate student, Christian Niederhuber, came out this year, entitled Commodus.- The Public Image of a Roman Emperor. Other activities for Professor Sfflith included-. leaching for a semester as Visiting Professor at Bilkent University in Ankara,. touring the Phrygian Highlands and the Pisidian mountains-, participaling in a Getty-sponsored tour of sites around the Sea of Marmara from Nikomedeia to Kyzikos, followed by a symposium in Istanbul on 'The Long Lives of Ancient Monuments,; directing a further season of research and excavation at Aphrodisias in Carla {southwest Turkiye)., touring northwest Greece, from Delphi and Galaxidi to Gitana and Igoumenitsa, to see sites and new museums., and giving lectures and conference papers in Ankara, Edinburgh, London, Nev{ehir, New York, and Oxford. Maria Stamatopoulou (Classical Archaeology) This year Professor Stamatopoulou continued research for the Leverhulme funded project on ancient D8metrias and its painted tombstones. She spenl four months in Volos (near ancient Demetrias} studying and Gataloguing the monuments and coordinating a team (led by Dr G. Verri) that carried sequence of analytical investigations with the aim to provide clues for the interpretation of the iconography and identify the materials and techniques used to create a group of painted marble funerary stelai in the Athanasakeion Archaeological Museum in Volos, Greece. These were.. multispeclral imaging, fiber-optic reflectance, hyperspectral imaging and Fourier transform infrared speclrosoopy and point analysis and scanning X-ray fluorescence on details or Ihe entire painted surface of the stelai and imaging undar magnification to further charactèrize the paint layers. 19

LINCOLN COLLEGE Report of the Governing Body Year ended 31 July 2024 Alongside this, she directed a project {funded by the John Fell Fund and Lincoln Colleg&) entitled= 'Archaeological Archives of Thessaly.. their importance for the study of Thessaly in Antiquity and Modern Greek history,, in collaboration with the Historical Archive of the Hellenic Ministry of Culture. She spent three months in Athens doing archival reseach and studying material in museum storerooms. She co-organised a conference in Copenhagen with Prof. Rubina Raja and Dr. Olympia Bobou, entitled 'Turning the Page.. Archaeological Archives and Entangled Cultural Knowledge, in November and edited the proceedings for publication (with Brepols). She continued running a field-school in Volos land Athensl for first-year undergraduate students studying for the Classical Archaeology and Ancient History degree, focusing on the sancluary of Ihe Mother of the Gods at Demetrias and she led a tour of ancient Macedonia to see sites and museums with the sludents. She collaboraled with Dr Joshua Thomas on the stLSdy of a lomb complex from Metropolis, in western Thessaly and they worked together in the National Archaeological Museum at Athens. also training a Lincoln CAAH undergraduate. and organised a study season and tour of the ancient cily of Zeugma in eastern Turkey in an exploratory collaboration season after an invitation by Prof. Kutalmis Gorkay. Other activities include.. participating in a GeÉty-sponsored tour of sites around the Sea of Marmara from Nikomedeia to Kyzikos", research trips in tours in Istanbul, Thessaloniki (where she also studied painled monuments}. Copenhagen (to do archival research on Demetrias), Heidelberg (archival research), Athens (National Museum and Archives)., lecturing in Alhens, Copenhagen, Volos and Oxford. Andreas Televantos {Law) Dr Televantos has had a productive year in terms of research and teaching at Lincoln. He gave a talk at UCL to the Trusts Law Committee about the legal treatment of trustees who incur debts and their creditors. He has had an article based on this research recently accepted by the Law Quarterly Review. Dr Televantos also gave a talk to the Central European Academy iri Budapest, on how trusts can be used to preserve the unity of family property. He has two forthcoming book chapters which have been accepted for publication, one on company charges, another on equitable accounting. As regards teaching. Dr Televanlos taught Trusts Law and Land Law to the undergraduates here at Lincoln, and he also taught Legal Concepts in Financial Law, Advanced Property and Trusts, and Modern Legal History to students studying for the BCL, MJUR, and MLF. Alice Thorneywork (Chemistry) Dr Thorneywork's second year at Lincoln has been busy with both teaching and resèarch. In the lab. her team expanded significantly, and we have been steadily developing new experimental set-ups. A particular highlight has been getting their optical iweezer5 up and running. These allow the team to manipulate tiny particles using the force exerted by light. Dr Thorneywork and her team were also excited by a recent publication resulting from a collaboration with researchers in Paris and Colorado. In this, they show that you can quantify how things move by simply counting objects in an image. They hope the simplicity of this approach makes their new method relevant to many systems, from molecules lo small organisms. Away from the lab, giving tutorials for a second year has highlighted that, however familiar one is with the material, teaching talented students means there are always new questions. She finds the exploration of these fresh perspectives on old problems to be a hugely enjoyable part of herjob. Dominic Vella (Mathematics) This year Professor Vella's research group and he have continued to study shape changes in thin objects, motivated by examples including the leaves of the 'broadleaf lady palm, and the jumps of 'click beetles,. In the first case, they studied how the leaves fold when the plant is water-stressed, modelling the process and 20

LINCOLN COLLEGE Report of the Governing Body Year endéd 31 July 2024 showing that folding acts to slop the leaves willing. In the second, they worked with a team of engineers and biologists to mimic the sudden jumping of the beellès in a small-scale robot. Our contribution was lo understand how the 'click' (which, confusingly, corresponds to something called snap-lhrough, in mathematics) occurs, why il is so fast, and how the resulting jumps can be optimised by changing the geomelfy slightly. On the leaching side. he has been enjoying leaching Lincoln's first- and second-year mathematicians, but has also relished lecturing the department's fluid mechanics course for second-years, trying to ir)troduce simple demos where possible. Michael Willis (Chemistry) Professor Willis and his team's research into developing new methods for the synthesis of bioactive molecules has conlinued to move fonNard. A feature of their recent work has been to employ readily available feedstocks as substrates with the sustainability of these feedstocks being paramount. Within this context, his team recently published two new methods for the synthesis of diverse sulfur-based functional groups {such as sulfinamides and sulfonimidoyl fluorides) using simple carboxylic acids as the starting materials. A highlight of the year was presenting some their research in a plenary talk al the International Symposium on the Organic Chemistry of Sulfur, held this year in Florence. Nigel Wilson (Classics) This year has been much the same as last. Video-conferencing enabled him to give a lecture to Palermo and to maintain his long-standing connection with Freiburg with a course on Greek palaeography. With the help of his former colleague. Christos Simelidis. he organised the college's biennial summer school in Ihe same subject. There are no significant publications to record, merely two short papers given to conferences. The edilion of Photlus now looks as ifthere should be progress towards the end of the calendar year. LUGY Wooding (History) Professor Wooding has begun Wofk on a new book project on populaf religion and literature in the post- Reformation period, and gave a paper in the summer at the Ecclesiastical History Society conference in Durham on Ihis subject. She was delighted by an invitation to hold the Mary Robertson Visiting Fellowship in Tudor Sludies at the H(Jntington Library this academic year, and looks forward to working on the new project there next spring. She is continuing to research the role of Catholic evangelicalism in the sixteenth century, and was able to make two research trips to the Vatican Library this year to consult manuscripts there. She is now entering into her third year as Co-Director of Undergraduate Studies for the History Faculty. As Board Interviewer with responsibility for the graduates working on early modern history, she has enjoyed having oversight of a graduate community which continues to flourish, despite the very worrying situation regarding graduate funding. As Welfare Dean, she can report that the reforms of our welfare provision have been very successful, and she would like to express her gratitude to every member of our wonderful welfare team. Henry Woudhuysen (English) In November and December 2023, Professor Woudhuysen gave the Panizzi Lectures at Ihe British Library on the eighteenth-cenlury Oxford scholar, Thomas Hearne. The three lèctures touched on his life and his work in the Bodleian, his book collecting. and his publishing ventures. With David Rundle, ho edited Essays to Mark the Centenary of the Oxford Bibliographical Society. 1922-2022., Professor Woudhuysen contributed a brief introduction to the volume, which appeared, as is the nature of such books, some time after the anniversary itself. At the Huntington Library in California. he gave a talk to alumni about his own book collecting and at a 21

LINCOLN COLLEGE Report of the Governing Body Year ended 31 July 2024 conference about books and forgery in the College, organised in part by Geri della Rocca de Candal. He spoke about the monstrous bibliographical activities of Thomas James Wise. The Chapel The College Chapel provides a focus for worship according to the rites of the Church of England, as well as a place of quiet beauty and contemplation for the whole College. The Chapel hosted a number of alumni weddings, welcoming guests from around the world and close to home. Our ordinary round of seNices, including Holy Eucharist and Choral Evensong saw strong altendance through the year. Six Choral Scholarships {for Lincoln members) and two Choral exhibitions {for students of other Colleges) were awarded for the academic year 2023-24. These scholarships have been augmented by a generous donation from Mr. Robert Blake. Members ofthe Choir receive professional singing lessons, helping maintain ils repulation as one of Oxford's best mixed-voice student Choirs. providing a rich community in which to foster the ongoing life of the English choral tradition. Environ mental Sustainability The College has increased its focus on measuring and managing our carbon consumption and our biodiversity. The College was pleased to have been awarded a gold Green Impact award for 2023 and again for 2024 for its sustainable praclices. Premises The College has continued to pay considerable attention to the maintenance and enhancement of its physical resources in pursuit of its charitable objects. During the year. the College completed a project to provide enhanced access in the Library and is advanced in its reslofation of the Beckington and Williams rooms. Development and Fund-raising Legacies and donations contributed £5.462 million to the College's funds in 2023-24 (2022-23.. £3.848m. Once again, a significant number of donations were in support of scholarships and bursaries, including grants for graduate students from long-lerm donors. the Lord Crewe's Charity and the Sloane Robinson Foundation, and several new endowments established to support undergraduate bursaries or graduate scholarships. Alumni Gontinue to donate generously through the Annual Fund, which raised £324.198 in this period. Much of this income was channelled towards sludent support and activities. including hardship funds and welfare support. We received a particular generous donation to establish the HR Woudhuysen JRF in Material Culture, made in honour of his Rectorship. In addition, alumni donations continue to support the tulorial system. with allocations to biomedical science, medicine. PPE. and law. Alumni feel Glosely connected to the College through our extensive events programme, which this year saw visits to the USA by the Rector and Deputy D8velopment Director, to a number of Asian cities by the Development Diroctor, and visits to several European cities, as well as events in Oxford and London. As measured by financial participation, at 150/0 12022-23- 18 /01. engagement remains relatively high relative to other UK Higher Education institutions. The fundraising strategy for the College is determined by the Governing Body, and aims lo seek funds in its core objectives of education and research. Fundraising is led by the Development Director, who reports to the Governing Body. The Development Office team of five (including the Development Director} is responsible for both fundraising and alumni relations activity within Lincoln Collegg_ Fundraising activity is directed at alumni 22

LINCOLN COLLEGE Report of the Governing Body Year ended 31 July 2024 of the College, and Trusts and Foundations with objectives allied lo the College, and uses direcl mail, email and social madia, telephone and face-lo-face approaches lo discuss fundraising opportunities with supporters and potential supporters. On some occasions, Ihe Development Office uses a third party to help with Ihe management of telephone campaigns. This year, the Office engaged Buffalo Associates to conduct a telethon. Buffalo supplied the equipmenl and training, and Lincoln students were engaged as callers. Calling was supervised by a member of College staff as well as the Buffalo campaign manager, and the results were positive in terms of donations but also in terms of general engagement with alumni. The Development Office is also responsible for producing College publications, and hosts a mentoring platform to connect alLtmni with students seeking career advice. In 2023-24, our new College Communications and Website Officer continued the work of her predecessor in editing and producing College publications for alumni, and also increased our profile on social Ynedia. She worked closely with the Outreach Officer to update the College's website pages for potential applicants. and with the College's extemal communications consultancy. The College uses a fundraising database, Raisers Edge, lo maintain contact details for alumni and donors, and adheres to the GDPR. Lincoln College is registered with the Fundraising Regulator and adheres lo the Code of Fundraising Practice. In the past year, no complaints have beèn received about fundraisin9 activity or about personnel. The financial performance of the College is discussed in the 'Financial Review, below and in the section entitled 'lnvestment Policy, Objectives and Performance.. FINANCIAL REVIEW The College derives income to support its regular operations in pursuit of its objectives from three principal sources.. income in respect of tuition. being fees paid by students (or their sponsors, or government) and money received from external sources to fund Fellowships and studentships.. revenue from the College's domestic {accommodation and catering) activities. as provided both to College members and to non-members of College., returns generated by the College's pool of investryients. The College also receives a number of donations and legaGies each year, some of which are used to fund regular operations, but the larger share of which is used to increase endowment funds and to fund major items of capital expenditure. In 2023-24, the total income was £16.198 million {2022-23.' £14.738million) of which £5.462 million was in the form of donations and legacies {2022-23'. £3.848 million). The College spends money on five areas of activity.. academic activities (education, study and research, including personnel costs and expenditure on supporting infrastructure}', support for students lin the form of scholarships, bursaries and expenditure on facilities and activities for students, benefit}., provision of accommodation and catering services to members and non-members of College,. bLtildings' repair and maintenance; management (including the costs of fund-raising, investment management and governance). In 2023-24, the total expenditure was £15.308 million {2022-23'. £16.488 million). Therefore. the total of net income before investment gains was £0.890 million {compared to nel expènditure in 2022-23 of £1.750 million). 23

LINCOLN COLLEGE Report of the Governing Body Year ended 31 July 2024 The College's annual Financial Plan is structured such that all operating expenditure should ba met from the three sources of operating income, with the proviso that the sum derived from the College's endowment should be no more than a fixed percentage of the value of those endowment funds. The College has a policy to draw up lo 30/0 of its average endowmenl fund balances over the previous three years. This can be varied, if necessary, as it was in 2019-20 with the onset of the pandemic. From 2013-14 the College has presented its Accounts on a total return accounting basis. The Governing Body will keep the level of income withdrawn from endowment funds under review in order lo balance the needs and interests of current beneficiaries of the College's activities with those of future beneficiaflès. In 2023-24, income in the form of tuition fees showed an increase to £3.199 million12022-23: £3.403 million). The College continued to benefil from privately sourced funds in support of student scholarships. with substantial and generous donations from the Kingsgate Fund, Sloane Robinson Foundation, the Keith Murray Award Fund, the Berrow Foundation and Lord Crewe's Charity. Income from domestic activities was £4.027 million. This compares with income from residential aclivities of £3.692 million in 2022-23. The College now has no provision on its balance sheet for deficits in its USS and OSPS pension plans. In 2022-23 Ihe College had a deficit of £1.835 million. Now both the USS and OSPS Schemes show a surplus. The College is aware of the Virgin Media v NTL Pension Trustees11 Limited Court of Appeal judgement which may give rise to adjustments to the schemes. At present the legal process is incomplete and therefore we are unable to quantify any potential liabilities. Endowment total return allocated to income was £3.901 million in 2023-24 (£3.758 million 2022-231. In addition, ￿rtain unrestricted and restricted donations may fund operating expenditure. Reserves policy The College's reserves policy is.. to maintain sufficient free reserves lo enable it to meet its short-lerm financial obligations in the event of an unexpected revenue shortfall,. to allow the College to be managed efficiently., and to provide a buffer that would ensure uninterrupted services. Total funds of the College and its subsidiaries at the year-end amounted to £201.947 million (2022-23= £189.342 million). This includes endowment capital of £157.924 million (2022-23-. £147.317 million) and unspent restricted income funds totalling £11.484 million (2022-23.. £10.658 million). Free reserves at the year*nd amounted to £3.457 million12022-23.' £4.503 million), representing retsined unrestricted income reserves excluding an amount of £27.531 million for the book value of tangible fixed assets less associated funding arrangements and £1.581 million of designated reserves. Free reserves at the year-end were £3.457 million (2022-23: £4.503 million}. This amount represents approximately over Ihree months, expenditure and is line with the College's policy on rese￿es. Risk management The College has on-going processes that operated throughout the financial year for identifying, evaluating and managing the principal risks and uncertainties faced by it and its subsidiaries in undertaking its activities. When il is not able to address risk issues using internal resource5, the College lakes advice from experts external to the College with specialist knowledge. Policies and procedures within the College are reviewed by Ihe relevant College committee, chaired by the Rector or the Bursar. Financial and inveslment risks are assessed and monitored by the Finance Committee. Technology and data security risks are reviewed by the Planning Committee. In addition. the Domestic Operations Manager and domestic staff heads meet regularly to review health and safely issues. Training courses and other fomis of career developmènt are available, when requested. to members of staff to enhance their skills in risk-related areas. 24

LINCOLN COLLEGE Report of the Governing Body Year ended 31 July 2024 The Governing Body, who have ultimate responsibility for managing any risks faced by the Collegè, have reviewed the processes in place for managing risk and the principal identified risks to which the College and its subsidiaries are exposed and have concluded Ihal adequate systems are in place to manage these risks. The College has identified specific risks, assessed the impact of the risk and the probability of the event occurring and reviewed measures to manage the risks. The principal categories of risks and uncertainties faced by th& College and its subsidiaries are.. Risk Description Management of Risk Reputation and Governance Impairment of College's standing The College, along with other Oxford colleges. is currently reviewing its governance to seek fLtrther improvement. Any proposed measures will be discussed with the Charity Commission The College monitors and reviews its welfare, diversity and equality practices and policies. Statutory and regulatory risks Impact of governmental, regulatory and University bodies on the College's activities. Substantially increased regulation The College is aclively involved with the Conference of Colleges lo participate in policy-making. It is vigilant in corporate governance. The Governing Body, advised by its Committees reviews and implements policies. Officers are focused on regulation. External advisers are retained where appropriale Risk Description Management of Risk Funding and financial risks Impact of external developments on tuition funding, impact of markel movements on financial returns and on endowment funding of operational activities, impact of shared pension obligations. In particular the impact of inflation is a risk. The College maintains high academic standards and a SLAbstantial endowment to protect tuition funding. Diversification of investments and monitoring of prudent risk parameters reduce risks in financial returr)s. The College monitors the impact of inflation and makes the ne￿SsarY adjustments. The College monitors developments in the USS pension scheme. Cyber Security risks Disruption of activities and loss of data due to impairment of IT capability or data breaGh', ransomware attacks Measures taken by the University and the College to improve security, including multi- factor authentication, vulnerability testing. Ongoing protection measures being undertaken. An independent review by an external expert was undertaken. Regular review of operational plans, specialist external advice, compliance with established procedures as well as investmènl in resources. Insurance to mitigate risks. Other operational risks Operational risks, including security and human resources, maintenance and risk of recession impacting Gonference income Investment policy. objectives and parformance The College's investment objectives are to balance current and future beneficiary needs by.. 25

LINCOLN COLLEGE Report of the Governing Body Year ended 31 July 2024 maintaining and then growing the value of the investments in real {spending-powerl terms., producing a consistent and sustainable amount to support regL¢lar expenditure., delivering these objectives within acceptable levels of risk. To meet these objectives, the College's investments as a whole are managed on a total retum basis (that is, income and oapilal taken together), maintaining diversification across a range of asset classes in order to produce an appropriate balance belween risk and return. This approach is consislent with the College Statutes, which allow the College to invesi permanent endowments to maximise the related lolal return and to make available for expenditure each year an appropriate proportion of the unapplied total return. Investment stralegy, policy and performance are monitored by the Finance Committee. Individual members of the Finance Committee bring to it significant investment expertise. At the end of July 2024, the Group's long-term investments, combining the propety assets and the pool of securities and other investments, totalled £184.043 million {2022-23'. £172.783 million) of which £11.692 million comprised the independently constituted Lincoln 2027 Trust and £1.922 million the Lincoln College Michael Zilkha Trust. The College aims to achieve a long-lerm return of 40/0 above inflation (as measured by the Consumer Price Index). The net return on the College's endowment and long-term investments (that is, income plus capital gain less management fees) was 7.00/012022-23.. 0.4 % l. This return comprised= Property Investments Securities and Other Investments Total Net returns +0.2 0/. 10.3% 7.0° Valuations of Property Investments are determined by the College's Land Agents, Laws and Fiennes, who in turn take advice from such advisers as Cluttons (for cofflmercial and London residential properties), Breckon & Breckon {for local residential properties) and Carter Jonas (for agricultural properties}. With the assistance of these advisers, the College undertakes a full-scale market-based revaluation of a portion of the Property portfolio every year, so that over three years all the properties have been subject to such a market-based revaluation. This year the College's commercial properties in London were valued by Cluttons. Day-to-day management of most of the securities and other investments was delegated to an external manager, Partners Capital. Non-endowed capital that is required for expenditure in the short-term is investe(I in liquid short-term securities and money-market funds. The carrying value of the preserved permanent capital and the amount of any unapplied tolal return available for expenditure was taken as the open-market values of these funds as at 1 August 2002, together with the original gift value of all subsequent endowment received. FUTURE PLANS The College's mission and values are stated below.. We believe students with outstanding academic potential come from all backgrounds. We seek to offer the widest possible access to the education we provide. 26

LINCOLN COLLEGE Report of the Governing Body Year ended 31 July 2024 We offer our Tutors both support and autonomy. We aim lo recruit and relain the best Tutors, who are attracted lo tha College by its reputation, its autonomy, and by the support it provides lo Fellows in their teaching and research. Our Tutors afford our students the opportunity of a unique exparience of personal teaching and learn ing. Wè believe the advancement of learning is best achieved by the tutorial leaching model of teaching in small groups and support for academic research. Lincoln College is an integral part of the University of Oxford. We seek to contribute to society through the pursuit of our objects.. 1. The advancement of education, study, and research, in particular through the provision, support and maintenance of a college in Oxford., 2. The advanoement of religiorF, including the provision and support of a Chapel in accordance with the Principles of Ihe Church of England. We value difference. Lincoln College is committed to fostering an inclusive culture that promotes equality, values diversity, and maintains a working, learning, and social environment in which the rights and dignity of all its staff, Fellows. and students are respecled. We are commilted to ensure that members ofthe College have academic freedom within the law to question and test received wisdom, and to put forward new ideas and controversial or unpopular opinions, without placing themselves in jeopardy of risking their jobs or privileges,. and to apply the principles of justice and fairness and their application within the College. We bel ieve in ach ieving our ai ms sustainably. Lincoln College is working towards an environrT7entally sustainable future. The College's future plans towards the achievement of its Objects are set out in the College's Stralegic Plan which available on the College's website at https'.Illincoln.ox.ac.uklpolicies-and-reportsllincoln-college- strategic-plan-2022-27. Progress in implementing the Strategic Plan is reviewed each year in Michaelmas Term by the Governing Body, advised by the Planning Committee,. and the Plan is formally reviewed approximately every five years. 27

LINCOLN COLLEGE Report of the Governing Body Year ended 31 July 2024 STATEMENT OF ACCOUNTING AND REPORTING RESPONSIBILITIES The Govefning Body is responsible for preparing thè Report of the Governing Body and the financial stalemenls in accordance with applicable law and regulations. Charity law requires the Governing Body to prepare financial statements for aach financial year. Under that law the Governing Body has prepared the financial statements in accordance with United Kingdom Generally Accepted Accounling Practice (United Kingdom Accounting Standards and applicable law), in¢luding Financial Reporting Standard 102.. The Financial Reporting Standard Applicable in the UK and Republic of Ireland (FRS 102}. Under charity law, the Governing Body must not approve Ihe financial statements unless it is satisfied that they give a true and fair view of the slate of affairs of the College and of its net income or expenditure for that period. In preparing these financial statements, the Governing Body is required to.. select the most suitable accounting policies and then apply them consistently., make judgements ar7d accounting estimates that are reasonable and prudent., slate whether applicable accounting standards, including FRS 102, have been followed, subject to any material departures disclosed and explained in the financial stalemenls., slate whelher a Statement of Recommended Practice (SORP) applies and has been followed, subject to any material departures, which are explained in Ihe financial statements.. prepare the financial statements on the going concern basis, unless it is inappropriate to presume that the College will continue to operate. The Governing Body is responsible for keeping proper accounting records that are sufficient to show and explain the College's IransaGtions and disclose wilh reasonable aGGuracy at any time the financial position of the College and enable it to ensure that the financial statements comply with the Charities Act 2011. It is also responsible for safeguarding the assets of Ihe College and ensuring their proper application under charity law and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. Approved by the Governing Body on 13 November. 2024 and signed on its behalf by.. Nigel Clifford Rector 28

LINCOLN COLLEGE Independent Auditor's Report to the Members of the Governing Body of Lincoln College Opinion We have audited the financial statements of Lincoln Collège (the "Charity"> for the year ended 31 July 2024 which comprise the Statement of Accounting Policies, the Consolidated Statement of Financial Activities, the Consolidated and College Balance Sheets, the Consolidated Cash Flow Statement and notes lo the financial stalemenls. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102= The Financial Reporting Standard applicable in Ihe UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice). In our opinion, the financial statements.. give a true and fair view of the stale of the group and charity's affairs as at 31 July 2024 and of the group's income and expenditure for the year then ended., have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice., have been prepared in accordance with Ihe requirements of the Charities A¢t 2011. Basis for opinion We conducted our audit in accordance with International Standards on Auditing {UKI {ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditorfs responsibilities for the audit of the financial statements section of our report. We are independent of the Charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC'S Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Conclusions relating to going concern In auditing the financial statements, we have concluded that the Members of the Governing Body's use of the going concern basis of accounting in the preparation of the financial statements is appropriate. Based on the work we have performed, we have nol identified any material uncerlainties relating to events or conditions Ihal, individually or collectively, may cast significant doubt on the charily's ability to continue as a going concern for a period of at least 12 months from when the financial statements are authorised for issue. Our responsibilities and the responsibilities of the Members of the Governing Body with respect to going concern are described in the relevant sections of this report. Other information The Members of the Governing Body are responsible for the other information. The other information omprises the information included in the annual report other than the financial statements and our audilor's report Ihereon. Our opinion on the financial statements does not cover the other information and, except to the extent othetwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsislenl with the financial statements or our knowledg8 obtained in the audit or othetwise appears lo be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstalemenl of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard. 29

LINCOLN COLLEGE Independent Auditor's Report to the Members of the Governing Body of Lincoln College Matters on which we are required to report by èxception We have nothing to report in réspect of the following matters in relation to which the Charities Act 2011 requires us to report to you if, in our opinion- sufficient accounting records have not been kept., the financial statements are not in agreement with the accounting records and returns., or we have not obtained all the information and explanations necessary for the purposes of our audil. Responsibilities of the Members of the Governing Body As explained more fully in the Statement of Accounting and Reporting Responsibilities, set OLSt on page 25, the Members of the Governing Body are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as they determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements. the Members of the Governing Body are responsible for assessing the Charity's ability to continue as a going concern. disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Members of the Governing Body either intend to liquidale the Charity or to cease operations, or have no realistic alternative but to do so. Auditor's responsibilities for the audit of the financial statements We have been appointed as auditor under Section 144 of the Charities Act 2011 and report in accordance wilh the Act and relevanl regulalions made or having effect thereunder. Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes Our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAS {UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if. individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. Irregularities, including fraud, are instances of non-compliance wilh laws and regulations. We design procedures in line with our responsibilities. outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below.. Our approach to identifying and assessing the risks of material misstatement in respect of irregularilies, including fraud and non-compliance with laws and regulations, was as follows.. the engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance wilh applicable laws and regulations., we identified the laws and regulations applicable to the charity through discussions wilh Members of the Governing Body and other management, and from our knowledge and experience of the Client's sector-, we focused on specific laws and regulations which we considared may have a direct material effect on the financial ststements or the operations of the charity, including Charitios Act 2011, Office for Students and Oxford University requirements, taxation legislation, data protection, employment and pensions, planning and health and safety legislation; we assessed the extent of complianco with the laws and regulations identified above through making enquiries of management and, where relevant, inspecting legal correspondence., and 30

LINCOLN COLLEGE Independent Auditor's Report to the Members of the Governing Body of Lincoln College identified laws and regulations were communicated within the audit team regularly and th& team remained alert to instances of non-compliance throughout the audit. We assessed the stjsceplibility of the charity's financial statements to material misstatement, including obtaining an understanding of how fraud might occur. by.. making enouiries of Members of Governing Body and other management as lo where they considerad there was susceptibility lo fraud, their knowledge of aclual, SLtspected and alleged fraud., and considering the intemal controls in place lo mitigate risks of fraud and non-compliance wilh laws and regulations., To address the risk of fraud through management bias and override of controls, we: performed analytical procedures to identify any unusual or unexpected relationships., tested journal entries to identify unusual transactions., assessed whether judgements and assumptions made in determining the accounting estimates were indicative of polential bias., and investigated the rationale behind significanl or unusual transactions., In response to the risk of irregularities and non-compliance with laws and regulations. we designed procedures which included, but were not limited to.. agreeing financial statement disclosures to underlying supporting documentation-, reading the minutes of meetings oflhose charged with governance., enquiring of management as to actual and polential litigation and claims., if considered necessary, reviewing correspondence with relevant regulators and the charity's legal advisors. There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, Ihe less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the Members of Governing Body and other management and the inspection of regulatory and legal correspondence, if any. Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion. A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.or .uklaudilorsres onsibilities. This description forms part of our auditor's report. Use of this report This report is made solely to the College's Governing Body, as a body, in accordance with section 144 of the Charities Act 2011 and Ihe regulations made under section 154 of that Act. Our audit work has been undertaken so that we might state to the Members of the Governing Body those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permilted by law, we do not accept or assume responsibility to anyone other than Ihe College's Governing Body as a body. for our audit work, for this report, or for the opinions we have formed. Crit¢hleys Audit LLP Statulory Auditor First Floor, Park Central 40-41 Park End Street OX1 1JD Date.. 11(11 [toCf . Critchleys Audit LLP is eligible to act as an auditor in ierms of section 1212 of the Companies Act 2006. 31

LINCOLN COLLEGE Statement of Accounting Policies Year ended 31 July 2024 1. Scope of thefinancial slalements The financial statements present the Consolidated Statement of Financial Activities (SOFA), the Consolidated and College Balanoe Sheets and the Consolidated Statement of Cash Flows for the College and its wholly owned subsidiaries Lincoln College Trading Limited and Lincoln College Enterprises Limited together with Lincoln 2027 Trust and Lincoln College Michael Zilkha Fund. The subsidiaries have been consolidated from the date of their formation being the dale from which the College has exercised control through voting rights in the subsidiaries. No separate SOFA has been presented for the College alone as currently permitted by the Charity Commission on a concessionary basis for the filing of consolidated financial statements. A summary of the results and financial position of the charity and each of its material subsidiaries for thé reporting year is in note 13. 2. Basis of accounting The College's individual and consolidated financial statements have been prepared in accordance with United Kingdom Accounting Standards. in particular'FRS 102- The Financial Reporting Standard applicable in the UK and Republic of Ireland, (FRS 1021. The College is a public benefit entity for the purposes of FRS 102 and a registered charily. The College has therefore also Prepared its individual and consolidated financial statements in accordance with 'The Statement of Recommended Practice applicable to charities preparing theif financial statements in accordance wilh FRS 102, (The Charilies SORP (FRS 102)}. The financial statements have been prepared on a going concern basis and on the historical cost basis. except fof the measurement of investments and certain financial assets and liabilities at fair value with movements in value reported within the Statement of Financial Activities (SOFA). The principal accounting policies adopted are set out below and have been applied consistently throughout the year. 3. Accounting judgements and estimation uncertainty In preparing financial statements, it is necessary to make certain judgements. estimates and assumptions that affect the amounts recognised in the financial statements. The following judgements and estimates are considered by the Governing Body to have most significant effect on amounts recognised in the financial statements. The College participates in two multi-employer defined benefit pension plans. In the judgement of the Governing Body there is insufficient information aboul the plan assets and liabilities to be able to reliably account for its share of the defined benefit obligation and plan assets in the financial statements and therefore the plan is accounted for as a defined Gonlribution scheme (see notes 23). The College carries investment property at fair value in the balance sheet, with changes in fair value being recognised in the income and expenditure section of the SOFA. Valuations of Property Investments are determined by the College's Land Agents, Laws and Fiennes. who in turn take advice from such advisers as Cluttons (for commercial and London residential properties), Breckon & Breckon (for local Oxford residential properties) and Carter Jonas (for agricultural properties). With the assistance of these advisers, the College undertakes a market-based revaluation of a portion of the Property portfolio each year with the balance being estimated valuations undertaken by the College's Land Agent. In 2023-24 the College's commercial properties in London were independently valued by Clutlons. The College's other properties were valued by its Land Agent after consultation with the above-mentioned advisers. Before legacies are recognised in the financial statements, the Governing Body has to exercise judgement as to what constitutes sufFicient evidence of entitlement to the bequest. Sufficient enlillement exists once notification of payment has been received from the executor(sl of the estate or estate accounts are available which indicato there are sufficient funds in the estate after meeting liabilities for the bequest to be paid. 32

LINCOLN COLLEGE Slalement of Accou n li ng Pol icies Yéar ended 31 July 2024 In the view of the Governing Body, no assumptions concerning the future or estimation uncertainty affecting assets and liabilities at the balance sheet date are likely lo result in a matèrial adjustment to their arrying amounts in the next financial year. With respect to the next financial year, the most significant areas of uncertainty that affect the carrying value of assets held by the College are the level of investment return and the performance of investment markats. 4. Income recognition All income is recognised once the College has entitlement lo the income, thé economic benefit is probable and the amount can be reliably measured. Income from fees, Office for Students support and other Gharges for services Fees receivable. Office for Students support and charges for services and use of the premises are recognised in the period in which the related service is provided. Income from donations, grants and legacies Donations and grants that do not impose specific future performance-related Of Other specific conditions are recognised on the date on which Ihe College has entitlefflent to the resource, the amount can be reliably measured and the economic benefit to the College of Ihe donation or grant is probable. Donations and grants subjecl to performance-related conditions are recognised as and when those conditions are met. Donations and grants subject to other specific conditions are recognised as those conditions are met or their fulfilment is wholly within the control of the College and it is probable that the specified conditions will be met. Legacies are recognised following grant of probate and once the College has received sufficient information from the executor(s} of the deceased's estate to be satisfied thal the gift can be reliably measured and that the economic benefit to the College is probable. Donations, grants and legacies accruing for the general purposes of the College are credited to unrestricted funds. Donations, grants and legacies which are Subject to conditions as to their use ifflposed by the donor or set by the tefms of an appeal are credited to the relevant restricted fund or, where the donation, grant or legacy is required to be held as capital, to the endowment funds. Where donations are received in kind (as distinct from cash or other monetary assets), they are measured at the fair value of those assets at the date of the gift. Investment income Interest on bank balances is accounted for on an accrual basis with interest recognised in the period to which the interest relates. Income from fixed interest debt securities is recognised using the effective interest rate method. Dividend income and similar distributions are recognised on the date the share interest becomes ex- dividend or when the right to the dividend can be established. Income from investment properties is rècognised in the period lo which the rental income relates. 5. Expenditure Expenditure is accounted for on an accrual basis. A liability and related expenditure is recognised when a legal or constructive obligation commits the College to expenditure that will probably roquire seltlem&nt, the amount of which can be reliably measured or estimated. 33

LINCOLN COLLEGE Statement of Accounting Policies Year ended 31 July 2024 Grants awarded that are not performance-related are charged as an expense as soon as a legal or constructive obligation for their payment arises. Grants subject to performance-felaled conditions are expensed as the specified conditions of the grant are met. All expenditure, including support costs and governance costs, is allocated or apportioned to the applicable expenditure categories in the Statement of Financial Activities (the SOFA). Support costs, which include governance costs (costs of complying with constitutional and statutory requiremenlsl and other indirect costs, are apportioned lo expenditure categories in the SOFA, based on the estimated amount attributable to that activity in the year, either by reference to staff time or the use made of the underlying assets, as appropriate. Irrecoverable VAT is included with the item of expenditure to which it felates. Inlra-group sales and charges between the College and ils subsidiaries are excluded from trading income and expenditure in the consolidated financial statements. 6. Tangible fixed assets Land is stated at cost. Buildings and equipment are stated al cost less accumulated depreciation and any accumulated impairment losses. The College capitalises expenditure on buildings where there is a significant improvement in their useful life. The College capitalises expenditure on equipment costing more than £1,000. Where a part of a building or equipment is replaced and the costs capitalised, the carrying value of those parts replaced is derecognised and expensed ir) the SOFA. Other expenditure on equipfflent incurred in the normal day-to-day running of the College and its subsidiaries is charged to the SOFA as incurred. 7. Depreciation Depreciation is provided to write off the cost of all relevant tangible fixed assets, less their eslimated residual value, in eqLAal annual instalments over their expected useful economic lives as follows= Freehold buildings, including major extensions 50 years Leasehold properties 50 years or period of lease if shorter Building improvements 20 - 50 years Equipment 3- 15years Freehold land is not depreciated. The cost of maintenance is charged in the SOFA in the period in which it is incurred. At the end of each reporting period, the residual values and useful lives of assets are reviewed and adjusted if necessary. In addition, if events or change in circumstances indicate that thè carrying value may not be recoverable, then the carrying values of tangible fixed assets are reviewed for impairment. 8. Heritage Assets The College has chosen to hold heritage assets at cost. The College has a number of assets, including items of art and historic texts that meet the definition of heritage assets under the SORP. The depreciated historic cost of the majority of these items is nil. Items purchased are recognised at cost and items donated to the College are recognised at fair value. The College has taken advantage ofthe exemption within FRS 102 not lo disclose transactions before 1 January 2015 as obtaining fair values for these 34

LINCOLN COLLEGE Statement of Accounting Policies Year ended 31 July 2024 assets would be impracticable and the cost of obtaining such valuations would outweigh the benefits to the users of these financial statements. 9. Investménts Investment properties are initially recognised at their cost, and subsequently measured at their fair value {market value} at each reporting date. Purchases and sales of investment properties are racognised on exchange of contracts. Listed investments are initially measured at their cost, and subsequently measured at their fair value at each reporting date. Fair value is based on their quoted price at the balance sheet date without deduction of the estimated future selling costs. Investments such as hedge funds and private equity funds, which have no readily idenlifiable market value, are initially measured at their costs and subsequently measured at their fair value al each reporting date, without deduction of the estimated future selling costs. Fair value is based on the most recent valuations available from their respective fund managers. Other unquoted investmenls afe valued using primary valuation techniques such as earnings multiples, recent transactions and net assels where reliable eslimates can be made - otherwise at cost less any impairment. Changes in fair value and gains and losses arising on the disposal of investments are credited or charged to the income or expenditure section of the SOFA as 'gains or losses on investments, and are allocated to the fund holding or disposing of the relevant investment. Other f inancial instruments Cash and cash equivalents Cash and cash equivalents include cash at banks and in hand and short-term deposits with a maturity date of three months or less. b. Debtors and creditors Debtors and creditors receivable or payable within one year of the reporting date are carried at their transaction price. Debtors (excluding any amounts thal are classed as concessionary loans) and creditors that are receivable or payable in more than one year and not subject to a market rale of interest are measured at the present value of the expected future receipts or payment discounted at a market rate of interest. 10. Stocks Stocks are valued at the lower of cost and net realisable value, cost being the purchase price on a first in, first oul basis. 11. Foreign currencies The functional and presentalion currency of the College and its subsidiaries is the pound sterling. Transactions denominated in foreign currencies during the year are translated into pounds sterling using the spot exchange rates at the dates of the transactions. Monetary assets and liabilities denominated in foreign Gurrencies are translated into pounds sterling at the rates applying at the reporting date. Foreign exchange gains and losses resulting from the settlement of transactions and from the translation of monetary assets and liabilities denominated in foreign currencies at the exchange rates al the reporting date are recognised in the incom8 and expenditure section of the SOFA. 35

LINCOLN COLLEGE Statement of Accounting Policies Year ended 31 July 2024 12. Total Return investment accounting The College Slatules authorise the College to adopt a 'total return, basis for the investment of its permanent endowment. The College can invest its permanent endowments without regard to the capitallincome distinctions of standard trust law and with discretion to apply any parl of the accumulated total return on the investment as income for spending each year. Until this power is exercised, the total return is accumulated as a component of the endowment known as the unapplied total return that can either be retained for investment or release to income at the discretion of the Governing Body. 13. Fund accounting The total funds of the College and its subsidiaries are allocated to unreslricted, restricted or endowment funds based on the terms set by the donors or set by the terms of an appeal. Endowment funds are fvrther sub-divided into permanent and expendable. Unrestricted funds Can be used in furtherance of the objects of the College at the discretion of the Governing Body. The Governing Body may decide that part of the unrestricted funds shall be used in future for a specific purpose, and this will be accounted for by transfers lo appropriate designated funds. Restricted funds comprise gifts, legacies and grants where the donors have specified that the funds are to be used for partiCLAlar purposes of the College. They consist of either gifts where the donor has specified that both the capital and any income arising must be used for Ihe purpose5 given or the income on gifts where the donor has required or permitted the capital to be maintained and with the intention Ihal the income will be used for specific purposes within the College's objects. Pemianent endowment funds arise where donors specify that the funds are to be retained as capital for the permanent benefit of the College. Any part of the total retLAm arising from the capita5 that is allocated to income will be accounted fof as unrestricted funds unless Ihe donor has placed restrictions on the use of thal income. in which case it will be accounted for as a restricted fund. Expendable endowment funds are similar to permanent ertrdowment in that they have been given, or the College has determined. based on the circumstances that Ihey have been given. for the long-term benefit of the College. However, the Governing Body may at its discretion determine to spend all or part of the Gapital. 14. Pension costs The College participates in Ihe Universities Superannuation Scheme and the University of Oxford Staff Pension Scheme. These schemes are hybrid pension schemes, providing defined benefits as well as benefits based on defined Contributions. The assets of each scheme are held in a separate Irustee- administèred fund. Because of the mutual nature of the schemes. the assets are not attributed to individual employers and scheme-wide conlribution rates are set. The College is therefore exposèd to actuarial risks associated with other employers, employees and is unable to identify its share of the underlying assets and liabilities of the schemes on a consistent and reasonable basis. As required by Section 28 of FRS 102 "Employee benefits. the College therefore accounts for the schemes as if they were wholly defined contribution schemes. As a result, the amount charged to the profit and loss account represents the contributions payable to each scheme. Since the College has entered into agreements (the Recovery Plans) that determine how each employer within the schemes will fund the overall deficit, the College recognises a liability for the Contributions payable that arise from tho agreements (to the extent that they relate to the deficit} with related expenses being recognised through the profit and loss aocount. However, at 31 July, 2024 neither pension fund is in deficit. 36

LINCOLN COLLEGE Statement of Accou nti ng Pol icies Year ended 31 July 2024 FRS 102 makes th6 distinction betwèen a group plan and a mulli-employer scheme. A group plan consists of a collection of entities under common control typically with a sponsoring employar. A mulli-employer scheme is a scheme for entities not under common control and represents an induslry-wide scheme such as Universities Supèrannuation Scheme or one for employers in the same locality such as the University of Oxford Staff Pension Scheme. The accounting for a multi-employer scheme where the employer has entered into an agreement with the scheme that determines how the employer will fund a deficit results in the recognition of a liability for the contributions payable that arise from the agreement (to the extent that they relate to the deficit) and the resulting expense in profit or loss in accordance with section 28 of FRS 102. The trustees are satisfied that Universities Superannuation Scheme and the University of Oxford Staff Pension Scheme both meet the definition of a multi-employer scheme and has therefore recognised the discounted fair value of the contractual contributions under the recovery plans in existence at the date of approving the financial statements. 37

Lincoln College Consolidated Slalement of Financial Activities For the year ended 31 July 2024 Unreslricled Funds £￿00 Resiricied Funds £'ooo Endowrnenl Funds £'ooo 2024 Total £'ooo 2023 Total £'ooo Notes INCOME AND ENDOWMENTS FROM.. Charitable a¢tivilies'. Tesching. research and resideniial Oihei Tradin9 Income Donations and legacies Investments Investment income Total relum allocated to income Other incotrEe Total income 7,226 511 305 7.226 S11 5.462 7.095 310 3.848 1,923 3,234 969 2,334 170 1,567 1,860 13,9011 2,999 2.680 14 805 14,738 11,345 3.660 1.193 16,198 EXPENDITURE ON.. Chariiable activities.. Teaching. research and resideniial 6.704 3.330 12,437 13.699 Generating funds.. Fundraising Trading expenditure 1nvÈslment managernent costs Total Expenditure 827 494 426 10,451 827 494 707 296 1,786 16.488 59 3.389 1.065 1.468 15.308 Net IncomellExpenditurel before gains 894 271 1275 890 1,7501 Net gain51llossesl on investments 11,12,16 253 580 10.882 11,715 30 Net IncomellExpenditurel 1.147 851 10.607 12.605 11.7201 Transfers betwÈÈn funds 19 55 1551 Net movement funds for the year 1.202 796 10,607 12.605 11.7201 Fund balances brought forward 19 31.367 10,658 147,317 189,342 191.062 Funds carried forward al 31 July 32,569 11.454 157.924 201.947 189,342 38

Lincoln College Consolidated and College Balance Sheets As at 31 July 2024 2024 Group £'ooo 2023 Group £'ooo 2024 College £'ooo 2023 College £'ooo Note8 FIXED ASSETS Tangible assets Heritage assets Property investments Other Investments 39.866 39,610 39.866 39,610 10 59.627 124,416 60,452 112,331 59,627 110,804 60.452 100.633 12 Total Fixed Assals 223,909 212.393 210,297 200.695 CURRENT ASSETS Slocks Debtors Investlvients Cash al bank and in hand 125 2.558 1,070 2.432 141 2,467 1,035 2,382 125 2,651 1,070 2,316 141 2,519 1,035 2.315 15 16 Total Current Assets 6,185 6,025 6,162 6,010 LIABILITIES Creditor5". Amounts falling due within one year 17 2,624 1,595 2,620 1,592 NET CURRENT ASSETS 3,561 4,430 3,542 4,418 TOTAL ASSETS LESS CURRENT LIABILITIES 227,470 216,823 213,839 205,113 CREDITORS." falling due after more than one year 18 25.523 25,646 25,523 25,646 NET ASSETS BEFORE PENSION ASSET OR LIABILITY 201,947 191,177 188.316 179,467 Delined benefit pension scheme liability 23&31 11,8351 17,8351 TOTAL NET ASSETS 201,947 189.342 188,316 177,632 FUNOS OF THE COLLEGE Endowment funds 19 157,924 147,317 144,310 135,617 Restricted funds 19 11,454 10,658 11,454 10,658 Unrestri¢ted funds Degignaled funds General funds Pension reserve 19 29,112 3.457 28,699 4,503 11,8351 29,112 3,440 28,699 4,493 11,8351 23 201,947 189,342 188,316 177,632 The financial slat8fn8nts were approved 8ulhorised for issue by the Governing Body of Lincoln College on 13 November 2024 Tru519e". ryulp, Truslee". A.O.5r 39

Lincoln College Consolidated Statement of Cash Flows For the year ended 31 July 2024 2024 £'ooo 2023 £'ooo Notes Nel cash provided by (used Inl operating activities 25 15,148 15,7291 Cash flows from investing activities Dividends, interest and rents from investments Proceeds from the sale of property, plant and equipment Purchase of property, plant and equipment Proceeds from sale of investments Receipt fromllpurchasel of current asset investments Purchase of fixed asset investments Net cash provided by (used in} investing activities 2.999 2,680 11,3551 803 1161 13671 2,064 11781 2,872 4,982 (185 10,171 Cash flows from financing activities Repaymen15 of tK)rrowng Receipt of endowment Net cash provided by (used inl financing activities 11001 3,234 3,134 15.0001 1,226 13.7741 Change in Cash and cash equivalents in the reporting period 50 668 Cash and cash equivalents al the beginning of the reporting period 2,382 1,714 Cash and cash equivalents at the end of the reporting period 26 2,432 2,382 Analysis of ch3nges in nel debt At l August 2023 £'ooo Cash flows Other non- cash changes £'ooo At 31 July 2024 £'ooo £'ooo Cash al bank and in hand 2,382 50 2,432 Loans falling due after more than one year {25,6461 100 23 {25,523} {23,2641 150 23 123,0911 40

Lincoln College Notes to the financial slalemenls For the year ended 31 July 2024 INCOMÈ FROM CHARITABLE ACTIVITIES 2024 EOOO 2023 £'o(KJ Tèa¢hlng. Research and Residential Unresiricled funds Tuition lees- UK and EU s￿dents Tuition feas- Overseas slvdenls Other fees Other Office l(K Students $UPPOrt Other academ￿ ncome College residen1181 Income 1.616 %,383 1,829 1.413 61 98 95 4,027 129 3.692 T0181 Ta8chino. Resèarch and Resldenli£l 7,226 The above analysi5 M¢lude5 £3.137k recaived Oxford Unwetsity from publ￿lY accountab￿ fiJnd8 under the CFF Scheme12023.. £3.18Okl. DONATIOthlS AND LEGACIES 2024 £'ooo 2023 £000 Don8tions and LegaGies Un￿StrICted funds Reslitted tun(ts Endowment funds 305 1.923 3.234 5.462 456 2.186 1.226 3.848 INCOFJE FROM OTHER TRADING ACTDIITIES 2024 £'(x)o 2023 £'ooo Subsidi3rycompanytrading kicome 310 511 310 INVESTMENT INCOME 2024 £'wo 2023 £'ooo Urire5knGted funds Agriwllural rent Comn7ercial rent Other property In¢ome Equity dividends 3nd fixed intere51 Bank Interest 88 529 296 512 10 125 130 9SO Reslitted funds Agriwllura5 rent CommerGial rent Other property income Equity divilends and fixed inlpresi 15 66 34 90 20 14 170 Endowment funds AgriuAlural rent Ctsnmercial rent Other properly IllGome Equily divKJends and fixe(J interest Inlereston fixed brm deposits and cash 175 977 225 152 331 173 838 426 167 1.860 1,604 Total Inveslffipnt income ?,680

Lincoln College Notes lo the financial stalemenls For the year ended 31 July 2024 ANAL YSIS OF EXPENDITURE 2024 £'ODO 2023 rooo chariiabie expenditure Direct $18ff costs £lkncated lo". Teaching. researcn and ¢8￿de￿i81 5.290 OlherdKaCI costs alh)c8ts(1 lo. Téachino. ras6arch and re5idenbal 5.516 5.661 Support and governance cogis allocated lo. Teaching. research and rasidenb81 2,804 2,748 Total charilabie expenditure 12.437 13.699 Expenditu￿ on raising funds Dwect 51aff costs aiiocaied to". Fundraising Traoing expe￿dI1￿ Inveskneni management costs 489 321 450 171 12 Oiher LI1￿cl costs aiiocaied to." Fundraising Trading exppndilu Inveskneni m8nagemenl Costs 254 t73 1,213 125 1.388 Supp¢xt and governan¢e costs alk)caled 10 Fun(JraisinB Trading expenditure Investrnenl management ¢OSts 51 337 Tolal expenditure on raising funds 2.871 2.789 Total expendilurt 15.308 16.4B8 The CoHege LS liable to be assessed for ConlthulN)D Ljnder the pr0¥1510ns of Stallrte of the Univers￿￿ of OKfool. The ConlnbuliDn Fund Is used lo tnake grants W)d loans lo C￿￿ge5 on the basi5 of n￿d Conlribulp)ns a￿ calculated annual￿ in ac¢ordan¢e reguL3bDnS made bylhe of the University of Oxford. The leaching and researGh GOSts In¢k￿e Col￿ge Conlnbubon payable of £109k12023- £103kl 42

Lincoln College Notes to the financial $18temenls For the year ended 31 July 2024 ANAL YSIS OF SUPPORT AND GOVERNANCE COSTS Tèaching and Research E'OOD Generating FJnds £'(M)o 2024 Total to F1n8ncig18dmin￿lrat10n Domesiic admiDk8traUon Hum8n resourcas 51 616 268 123 667 268 123 326 1.099 32 Depréciation Lossllprofitl on fL%ed as58ts Bank and b8n Inleregi payabla OtherfTran¢e char9ÈS G0Veman￿ costs 1.099 336 326 662 41 39 37 421 2.804 3,225 Teaching and Research Geiieralin9 Funds 2023 £'ooo £'ooo Financial adtninistr*iDn Domesbc adtninisiralK)n Human wources 27 550 248 98 209 1.153 577 248 98 232 1.153 23 DeptrciatK)n Lossllprofill on fixed assets Bank iiiteresi payable Olherfinance charges Governan￿ costs 385 771 75 31 75 29 Financ￿1 and dDme%ii¢ administrat￿￿, IT 8nd human resources Costs a￿ allribuled aGGortJing 10 the eslirnaied staff lime spent on eacli aciivily. DepreGkBtK)n costs and profil (￿ID55 on diswsal of r￿ed ass¢ts a￿ 8ltribuled according lo the use made of the unaertying assets. Intetrstand otherfinance Gh¥rges are altribuled according lo ￿te purpDSe of the ￿lated Iinan&ng. 2024 r(KJO 2023 £'ooo Governance cos15 comprise. AuditoV5 remuneralion- audit servicps Auditor's ￿m￿neration- lax advisory servr¢es OlhergovemanTr costs 31 39 No amount has been induded in governance Costs lorlhe difertemploymenl cosis or teimixjrsed expense5 DftrpB Colkge Felknws on the basis that Ihese paymenis re18le io ￿e FBliows I)￿h￿ement In the College's Charitab￿ acbvitEs. L)etw￿ ol the remuntrraiion of the Fell0Y￿ and their reimbursed pwtnses are ￿cluded a5 a separate note within these finanGwl Statements 43

Lincoln College Notes lo the financial statements For the year ended 31 July 2024 GRANTS AND AWARDS 2024 rooo 2023 £'ODO Dumg the year ihe Collego lundea Feseafcn award$ and tyursaries 10 Students from Its ￿striCted dnd unr8slDcied fund as follows.. Unre8irl¢led funds Scholanships. pn28s and grants BursaDes 8nd hardshiD wards Total unreslricled 61 61 Restricted funds Grants 1¢ Individua&.. SChol4￿h1)s. Pr￿eS and grnnls BursariÈ8 and hardship awrards 1,633 95 1.728 1.727 160 1.887 Endowment furTrds Insbiulions. Endowment tunds passed 10 Oxford Univetsity 350 TolaS grants and aw8rds 2.139 1.887 Thè figure incknded above represents the costio ihe col￿ge oflhe Oxford 8urs8ry schemè. The Colege conlnbuted £61k12023. £70kl io this ￿heMe. The above Gosts are Included the chatikble expenditure on Teachin9 and Research. STAFF COSTS 2024 £'(M)O 2023 EODO The aggrtg81e staff costs forlhe Yea[We￿ as folk)ws. Salaries and wage5 secuiity COSIS Pen5¥)n cosls. Defined benefil 5Ghernes- ¢onlribulK)ns paKI in Ihe ytarlno* 231 Defined benefit$¢hemes- movement in proviyty) IrEole 231 Olher benefits 6.178 5.698 510 906 11.8761 19D 169 5.830 6,77 The average numberofernplDWS oflhe Colege. excluding Tru51ee5, on a fijll Ime equiva￿￿1 basis was as Idknws 2024 2023 Tuition and research col￿ge resKlenlial Fundraising Support 31 22 fj4 28 Total 103 Tht av8rag8 numiErol etnpbyed Col￿ge Tw5tee5 durin9 IhB year was as f01hy￿. Unwersity Leclure CUF LeGlurers 0￿er leachin9 and research ¢Jher 14 13 Totsl 33 The follo￿9 infom81ion relate5 lo the efflpbyÈÉs of CoHege ex￿ud￿9 lh& College Trustees. DelaiLs of ihe remuneration and ￿lMIxIrsel Expenses of thtr Co1￿98 Twslees ￿ inGkJded as a sep8rale nole in Ihe5e finarici81 staiements The numbprof emthoyees lexcluding the Co1￿9@ Truslee5lwhose gross P8yand benefi15 (exc￿d￿￿ employerNI 8nd pension Goniribulh)nslex¢eeded £60.0(N) were E60,001-£70.000 £70,001-£80.001 44

Lincoln College Notes lo the fin8ncial statements For the year ended 31 July 2024 TANGIBLE FIXED ASSETS Group and Coii898 Leasehold land ¥n(I Freehold land 8nd Plant and machinery frttlngs 8nLI equipment rooo £'ooo £'ooo £'QLK) Cost Al s18rt of yÈar Add￿110￿5 Di%posa 4.612 1.014 188 50.272 1.355 1.167 Al end ol year 4.612 45.813 1.202 51.627 Depreciation and impairment Al startol yp.ar Depre￿atiOn charge for the year Detyethai1￿ on disposals 923 92 9.157 872 582 135 10.662 Al end of year 1,Ot5 10.029 717 Nel book v8lue Al end of year 3.597 35.784 485 39,866 Al Startof year 3.689 35.489 432 39,610 The College h85 subslanbal lon#-hÈld historic assets all of which are u$8d in the Course of thè Coleo•'$ ￿tchIng and research 8Clivili&s. These comprise listed buildings on the College site, together￿lh Iheirconients c(Mnprising works of art, anoenl book5 and tnanusCriPt5 and ¢lhertreasure(l artefa¢ts Because of iheK age and. in Tnany ca$vs, unique nature. reliable histor￿81 ¢0sl Infotmalion ￿ notavailable [( these assets and o)ubJ notbe obtsined ex￿p1 at disprowFbonate expense. HovRver. in Ihp opinK)n of IheTruslee5 the deprtrciaied h￿torICal cost of these assets $ nowimmaterial. Tvhy) wopert￿&￿￿ a netbook ol £nil were IransfEtred to inveslmerit propertEs ￿ 2023. The value al the dale of transfer IE805kl Is recotdfjd in Ihe Statementof Financial AGlwthes as Oiher Ki¢ome HERITAGE ASSErs Lincoln College has a Large, diverse, valuable coleebon of anlKiuatian Ipre-18301 pllnted books including 48 books printed before 1501 Ipnmanly vnportanl eatly edibDn$ of Class￿81 orlheokJgiGaltextsl.11 a valuable Gdknlion of sixleenth-cenlury b(x)ks and Hebrew books. The COl￿e ¥ichives contaiti ¥a￿aNB documor)ts Including Ihe col￿ge tharter from Henry Vl114271, a confirm8tK)n twn(Sabon chartpr from Edward IV114611621 as well as ihe Col￿ge'S sialules signed by Thomas Rolherham, the B￿hop of LinGDln, who was the Colleyp's second founder114691 The Collpgo h$ a collecting poliGy for the acqui&ii(K), preservation. managptnont, and disposal of heTitagp assets. The Colwe 5ubscrbBs 10 iPe Oxford ConservalN)n Consortium, a cherilyproviding prograrTrmes of ¢olleciion car8 the historic IOraryand archThE Golecbons of Ils 14 members. all colh>ges, of Ihe University of Oxford. The Colege takes in heritage tnateTial relating lo rts bU1￿1￿gS. SOGielEs. esiales. membeT5. and actiwbes. In addilK)n to those pruduced bylhe College itseff in the cout5e of its adminislralion. 11 takes in archives. pu￿1￿3110nS and artefaGts Whe￿ these conthbule to an aPp￿¢181￿)n of kne Cdlege and its h￿tOry. or￿ere Ih25e refleclsignifiGanl worktani8d oul by College membets. provhng ￿atIheY Should not bt more filb.ngly In anoiherrepository. LirKoln CoNege emph)ys professional stafFwilh fecognized qualificat￿￿5 lo tnan¥ge and preserve it5 heritage assets. Incknding a Librarian. Are￿V￿. and Cletk of Works. Hentage ¥sseis are stored securely foik)NvK)g British S￿ndards and inlemabon8lly published guidelinos forenvironment and 51Drayts Work Is carried out folk)y￿￿9 intematr)n81 siandards lor catak)guing descripton. The Archjve collecbon Includes inlom1al￿n me hislorac acquisition of heritage assels. Heritage assets 8re avaiL4blp for rtsea¢h vse by members of the College and members ol publ￿ free of charge by appoinimeni. Contact detsi15 for ihp ￿levant members of 51aff for tIE collections are av8iLibLg on Ihe col￿ge website. The Archon repository G(MJp for Lincoln c￿￿ge Is GB. 456. There have been no material 8wuisitIDn5 Dr disposal of heiilage 8s5els in Ihe last 5 years. 45

Lincoln Collège Notes lo the financial statements For the year ended 31 July 2024 PFOPÈRfY INVESTMENTS Group and College 2024 Agricullurai £'OLK) Commewal £'o(M) other £000 £'ooo ValuaiKJn ai start of year Di%posai proceeds R6valualion gainslllossesl in IhÈ yèar 18,496 33,076 10,880 60,4S2 45 18501 18051 Vduaiion al end ol year 33.101 10.030 Propertyv8luabons al 31 Juty 2024 have been prowdèd bylh& Colkge's extemal land agent IFRICSI Irom Laws & Flenryès on Ihe basi% of market value. ex￿p1 for other properbes ￿1¢h We￿ valuèd by Cluttons Group and Coli898 2023 Tol81 £'(h)o Agti¢ullur81 Commer¢i81 £'ooo Ljher Valuation al start of previous yèar AdJitK)ns and irnprovemenls atcosi Transfer from tangible fixed assels lal valuation) Diswsal procpeds Transfer from tangible fixed assets Revaluaiiw ga￿SlI10sSes) in the year 15.834 35.150 10.880 61,884 19551 11.OWI 18341 195SI 11.0901 662 Vaiu*ion at end ofwevKJus year .496 33.076 10.880 60.452 Propertyvaluabons at 31 Juty 2023 haVÈ been provKJed by ihe Colege's exlernal18nd agent IFRICSI from Law5 & Fienne5 on ihe basks of market value. except for commerGial wopertiÈ5 which were valued by ClullDns and Breckon & Breckon OTHER INVESTMENTS l investments are hdd al fair vahje. 2024 rooo 2023 £'ooo College investments Valuabon 81 start of year New money invesled Amounts vfilhdrawn Reinvested inwme Invtsiment managementfees IDecreaseKinGrease in value of Invesbnenls 100.631 29 12571 380 15261 10.545 102.721 11,4271 185 14381 Extprnal investments at end of year 110.802 1W.631 Investment subsith3ries College Inve5tmen15 al end of year 110.804 1(KJ.6 Group investments Valuabon al start of ypar New tkTroney invested Amounb wlhdrawn Reinvested Income Invtrsiment management fees (Dec￿8$￿111nGrea￿e in of inv8slments 112.331 29 12571 338 15261 12.501 113.751 11,4791 185 14381 312 Group inv8slm9nls al end of year Group investments comprise. 2024 Total rooo 2023 Total É'DOO Equty knveslmenls Cre(Iil and Govemmènl Bonds AtysiAulp return and Olher Investments Fixed temi d8P05its 3nd ¢4sh 84.729 21.299 4.873 13.515 79,301 20,224 6,B38 5,968 Total group Investm￿lS 124,416 112,331 46

Lincoln College Notes lo the financial statements For the year ended 31 July 2024 13 PARENT AND SUBSIDIARY UNDERTAKINGS The College holds 100% ollha Issued sharè trapi181 In Lincoln Col￿ge Tradlng Llmiled. 8 cornpany piovwying conferert8 and other event setv¢tS 011 Ihe Colege pramise5, Hnd 100% of the ￿S￿ed sh8re capital In Lncoln C￿￿e EnletPriS&S Limrfed, 8 company prowding deswJn and ix)Ild constrJcl￿n servlces to the cth￿ge. In addilion Ihe consolidated 8c¢ounts I￿l￿de Lincoln 202T Trusi Lincoln Coll￿8 bAlch8el Zilkha Fund bthlch are separate re0￿18re￿ chariliÉs with charlty numbe 1136816 and 1095113 ￿spe¢b¥8ty. The results and Iheir assets and Ilabithes of the parentand subskl18ries al the ￿ar and were 8$ follows. Parenl Collegé Llncoln COl￿e Trading Ltd Lincoln Colkge Enieiprises Lld £'ooo Lincoln 2027 Trust Lincoln ColWe MKhael Zilkha Fund £'ooo £000 c￿00 Income Expenditurè InveslTneni gainsnosses Donation 10 Colege under gift aKI 16.098 115.1871 9,759 25 1671 121 14921 1,835 Result lorihe yesr 10.681 Total asset$ 216,459 207 62 1631 11.692 1,922 Nel funds ai ihe end ofyear 88.316 20 fj1.692 1,92 14 STATEMENT OF INVESTMENT TOTAL RETURN The Trustees have aikipled * duly auknor15ed poI￿Y ol lOt¥l ￿tUrn 3Gcounbng for the College inveslmpntreiurns effeGI from 1 Awusl 2013. The inveslment relum to be appled as Income 15 calculgted 35 3% for 202412023. 3%) of the average of the year-end values of the relevant Invesknonts al the end oflhe18$13 years. The preserved ltrozenl vakjp Df th6 invesle(J endovwnenl ca￿181 ￿presents ils open m¥rkel Va￿ In 1 Augvsi 2W2 togetherwiih all subsequent endowments vakned at date of grfl. Pemianent ErKl0V￿￿e￿t unapp￿e4 Tots1 RelutTr ExpendaNe Endowtnenl Total Endowments Tokl re￿rn l ap￿ie￿ Trust for Invest￿ent Total £'ooo £￿00 Al the beginning of the year. Grft wmponenl oflhe permanent endowment lolal relutn FurL(L£ notsubiecl lo total re￿M Expendable endDwmeni Tola Endowments 52.264 52.264 62.119 165 52.264 62.719 165 32.169 147.317 62,719 165 32,169 32.169 165 52,264 62,719 115.148 Movements in the repDrting period. Gift ofendowmenl funds Inve51meni retum. lolal InveslTnent inctrne Inv•simenl retUTn' realised and un￿alL4ed gains and105s8s Less.. Investfflenl management costs other trdllSfe(s Total 3.024 3.024 1.559 210 301 3.234 1.559 24 7.556 18goi 3,302 10.882 11.0651 350 14.5fj1 18901 350 2,674 24 8.225 10.923 3,fj38 unapp1￿￿ total reiurn HlbGaled to income in the rewrbng ptrmd Expendable endDwmenis trar￿ferred to inGoTlle 13.3011 13.3011 16001 153 16531 I3.￿)1) 53 13,9541 13.3011 13,301) Net movemènts in reporting period 24 2,674 4.924 7,622 2.985 10,607 Al end of Ihe reporting period-. Gfft componènt oflhe permarEnl endowment Unapplh?d iolal reluin Funds not subiectlo 10181 relvm ExpendablÈ endowment Total Endowmenls 54.938 54,938 67,643 189 54,938 67,643 189 35,154 57.924 67.643 189 35.154 5,154 18 54.93B 61.64 122.770 47

Lincoln College Notes to the financial st8temenls For the year ended 31 July 2024 15 DEBTORS 2024 Group 2023 Group E'ooo 2024 College £'Tr)o 2023 Comege £'ooo Amounts falling duewlthln one year.. Trade d&blors Amounts owed by College members Amounts by Group undertaking$ Loans ￿payab￿ wlhin one year Prepayments and accrueo Income 70Y 45 724 73 558 45 246 628 73 148 147 161 147 ArTrounis falling dJe after more Ihan one year. Loans 1,657 1,509 1.657 1.509 2,467 2.651 16 CURRENT ASSET INVESTMENTS Group 8nd College Other &hort term £000 2024 2023 To￿1 £'ooo rooo vaiu3bon ai st8rtof year Addrfons D$tx)sa15 RevalualK)n gair6Klo$$esl fft the year 1,035 16 1.035 16 6,127 (S.￿0> Valuation al end of year 1,070 1.070 1.035 CREDrfoRS. falling duewith￿n one yoar 2024 Group 2023 Group £￿00 2024 College rooo 2023 £'ooo Trade GreditoN* Taxalifft and social seGurily AwuaL£ and defetred ￿COme Other Gtedilors 1.463 262 391 512 180 423 480 1.463 260 389 508 512 179 421 2.624 1,595 2.620 1.592 18 CREDITORS.. falling due after tnorp than one year 2024 2023 Group £000 2024 College rooo 2023 c￿￿ge £'ooo Group Bank108n5 Nole5 Other c￿dItorS 25,523 25,Y6 IOD 25.523 25.546 100 25,523 25,646 25.5 25.646 On January 12, 2017 itts Colege Issued Nolp5 for an aggregate principal amount of £20,0(K).QOQ. An additional £5.WD.(KIO was issued in February 2018. The Notes pay interest sempannually al a fi¥eO rale ol 0.9% per 8nnum unb"l January 2019 and thBrtafteral a fixed rale of 2.78% per 8nnum The Note5 are due for repayment on 12 January, 2057. The Notes 8re measureil al atnortts8d cost undgrlhe eff￿11¥e nlerest method. 48

Lincoln College Notes to the fin8ncial statements For the ye8r ended 31 July 2024 19 ANAL YSIS OF MOVEMENTS ON FUNDS At 1 August 2023 Gainsl Ih)ssesl £'(K)o Incomé £'ooo Expenditur8 I'ooo Tr8nslers £'ooo 2024 £.￿0 Endowment Funds- Pèrman8ni General Endowrneni Mwlgomery Esiaie Nuffiekj Rese8ich Trust Fu Paul Shuffrey Bequest Otner Fellowships PolonskylHbnsaTdl Sludenl Support Others 56,924 889 1.804 9.866 30,189 165 15,014 297 772 3.742 58 59,265 925 1,878 10,271 33,892 169 16,033 317 24 134 3.073 13001 647 1.985 24 15841 Endowment Funds- Expendable General Endowment 8eouesis and ￿gacle$- general 8equesls and ￿jacies- alk)cated 7.508 9.160 3.801 102 270 114 1581 12291 12751 1961 493 602 251 7,816 9,686 4.038 Total Endowment Funds- College 135,617 5.069 1.401 3.901 8.926 144,310 Enoowmeni funds held by subsid18r￿S Lincoln 2027 Trust Linrokn College m￿hael Zli kha Fund 9.857 1.643 1,835 11.692 1.922 25 1671 Total Endowment Funds- Group 147,317 5,094 1.468 3.901 10.882 157,924 Reslricled Punds InCome-endo￿neni funds SGhDlatship and grants Berrow Foundation Building Thhilte Refuibi5hmenl Other reslwled fund5 98 18 743 100 256 274 57 1,272 1571 1.569 10,304 12.6281 563 11.080 Total Re51ricled Funds- College and Group 10,658 2,D93 13.389 1.512 580 11.454 Unreslricled Funds General Fvxed asset diynaie¢ Other designaled PensK)n re5etve 4.493 27,218 8.927 977 1.412 156 3.440 21.531 1.581 11.0991 1741 1.835 77 97 Total Unrestricted Funds- College and Group 31.357 9,004 10.451 2.389 253 32.552 Uniestricted furwjs he￿ bysubsidK4ries Tota Unre5tri¢ied Fvnd$ Group 31.367 9,011 10.451 2.389 253 32.569 Tot81 Funds- Group 189.342 16,198 115,3081 201.947 20 FUNDS OF THE COLLEGE DEfAILS The folkmng Is ¥ summary of Ihe origiTrs arKJ purp05e5 01 each of Ihp Funds Endowment Fund5- Permantnt. Genwal Endovmeftt A ¢onsolKlalion of gifts and donalion5where incotne. but not cepilal. can be u5pd for the genwal purposes of the Cdlege.. KKludes the foundion c8pitsI of the college. ont9om8ry Estste A fund Èstablished by Mrs Gertrude Montyomery In 1977 inGomo, ixjl not c8Pital. fjan be used 10 tund ihe ie8Ghing of classics andlor Gemian. Nuffiekl Resparch Trust Fun A tunrl estab115hed by V￿CoUnt Nuffld¢ in 1948 whero income, bul notcapiial, can be used to supporf medical rèse8rch. sreulically lo fund tho em0￿ments payablg to th& Coll8ge's nominaled medthl rtSe8¢ch Fellowlsl. Paul Shufvey Bequest Afund &si¥blished by Paul Shuftrey in 1955 incgme. but not¢8riial, can be used to fund the sludyof Architec￿re, Classics, History ol Art orsim18r areas o151udy atthe discretr)n ollhe ReGtor of Ihe Colbge. OtherFellD￿6hIps AconsolKlabDn of 9ifts and donallon5vthpre inGDm&. bul not¢8pil31. can be u$ÈO to support a numbprol named Fellowships dedicaterj to research ana leaching ai Lincoln College. Sludent Support A ¢on501idabon of gifts and donallons fftre income. bul not ¢8pilal. can be u5#d to fund scholarship5. exhibitions. prvs and other fDmis ofsupwrt for studen15 al Litohi ColÈge. Endowment Funds- Expendable.. General Endosvment A¢on5DI￿ab0n of oifis and donalionswhprt either income or Income and capital c8n be used for the general

Lincoln College Notes lo the financial statements For the year ended 31 July 2024 wrposes of the Coiieya. Legacies ènd B￿￿&91S A consolidabon ol le9acles 8nd beqyesis made overio Lin¢olD College. olwhicn erther income or Kicome and capital can bé Used lor Inè gen6r¥l purposes ol tha College. Some of these have bfren ¥lloc8led lo oeneraie income for particular purptses. Lincoln 2027 Trust An Independent chafity Iregisierad no.11366161 eslabli%fved by Trusi Deed d8ied 18th Decemoer 2009 wilh the obieci 01ra￿￿19, ￿vest￿9 8nd ac¢umts18bng lunds lo wovuse new and subslanlial support 10 Llncoh Colleoe. Llncoln Cdlege Michael ￿lkha Fund An ind￿6ndent Iregiskred no. 109511316st8blishe(I byTn&sl ￿ed ￿ 2LK12 v4h05e object to supwrt the educalK)nal aftdlorresearth 8Cbvits ollhÈ Feiiovts ol Llncoln Cal￿e. Resiricled Funds-. Income generated by eiidowmeni funds whKh can bÈ u$ad for ihe specrfi¢ purposes forwhith the endovfflenl funds were esiablishe Inooma. Endowmentfunds Berrow Foundation 8uildlng Funds recewed for Ihe BeTrow Foundation Building. Amounts are transterred to ihe fixed assèt dasignaied luDd an￿ Iheyhave been expende(l on the bu￿dIng. EPA Alfred Street 8nd Mitre Refu￿Shment tlonslions received forlheAlffed $￿et bulding h88 alreadybeen consiru¢t8d 8nd the Mitre RehJTbishment. The amounis ￿￿ then transferred 10 unreslwled funds once spent. SchoParships and grants Funds re¢ewed forsehoLarships and Olherforms of supportforthdenis ihat have been expended duong ihe year. De$ign¥ied Funds Fixed asset designateo unre51rKIBd tunds which are rep￿Sented by ihe IL%eO assets of the Colkge v1h￿h arè therefo￿ not availab￿ for expendilurB the Coll8ye's general purpose$ The GBner81 unres1T￿ted Fur￿ represent accumu181ed income frotn the C￿￿￿e'S a¢b"wI￿ and oknÈr source$ th81 are avaiLable forlhe yener31 purposes of kne Colege. 21 ANAL YSIS OF NET ASSETS 8ETWEEN FUNDS Unreslncled FLJnd5 rooo Irtted Funds Endowment Funds £'(KJo 2024 E'O 'rangiblÈ Iixed assets Properly investments OlheritTrveslmeTrts Nel cur￿￿1 assets 39.866 12.166 2,4g9 3.561 125.5231 39,866 59,627 124.416 3,561 125,5231 47.461 110.463 11.454 32,569 54 157.924 201.947 UnrBstri¢ted Funds £'Doo Restrict Funds Endowment Funds 2023 r￿0 £'ooo Tangib￿ fixed 8ssels PropÈrty Inveslments Other inveslmenls Net C￿￿ent assets Long lemi liatNIitS 39.610 12.166 2.642 4.430 127.4811 39,610 60,452 112.331 4,430 12T.4811 48.2116 99.031 10.65B 31,367 10.658 147. 189.342 50

Lincoln College Notes to the linaricial statements For the year ended 31 July 2024 22 TRUSTEES, REMUNERATION The Fellows who ar8 ihe Ttusiees olihe College for the purposes of chariiy law receive no refflunÈraiion for acllng as ch8nly Ir￿SteeS bul arè paid by eiiher or bolh of the UnDiersity and int Collage lor the 8c¥demic servI￿S they provide 10 the Colkge Ttusiees of th6 cc4bge lall inio Ihe lollow4ng Ca￿One8.. aad ol House Prolessor181 Fellow otficial Felknw Darby Fellow Re5Èar¢h Felbw No Ituslee rec&ves any remunerat￿￿ for acting as a trustee. Howevor. those Iruslees are aL%O ￿p￿yeeS of the college receivé S8￿rIeS fOrttte￿ work 85 empk)yees. These Salar￿ are paid on exiemal 8c8deffl￿ and acadernic-ralaied $¢ales and often areiojnl aTrangèmen18 Wlth Ihe Universityof Oxford. All 0￿181 Fellows are dvJ￿e for a Hou$Kig Alowance, vthich Is disclosed wilhii tha Salary fvJures below. Seven trustses live in houses ovmed by th8 cdl8ge ano pay reni on a monthly basi The Colege has a RemuneraiK)n Comfflittee which Makes re¢ommendalion5 to Governing Body on pay and bonofrts vthi¢h Bre outs￿￿ ofexiemal scales The 00mpo￿￿on of RemuneralK)n Committee is set out In pa9e 4 ollhe Goveming Body, offi￿[$ and Advtsers Remuneration paid 10 Iruslees 2024 Gross remvneralion. iaxaue benefi 2023 Range Numberof Number of Gross remuneration, taxab £5.0(M)-£5,999 £17.(N)0-£17.g99 £2?.￿0￿221.999 t24.(A)0-£24.999 £2T.(￿-£27.999 £28.￿-£?8.5g9 t29.0(MJ-£29,999 £33.OW433,999 £34.OW-£34,999 £35.0(M)-£35,999 £37.0(M)-£37,999 £38.0(N)-£38,999 £39,000-t39.999 É41,000-£41,999 £44,000-£44,999 £54,000.£54.959 £56,000-£56.999 É58,000-£58.999 £61.000-£61.999 £62.000-£62.99g £66.000-É66.999 £70.000-£70.999 £71.(M)0-£71.999 £72.(NJO-£72.999 £76.WD-E76.999 r77.￿0-£77.99g £80.tM)0-£80.999 £91.0(M)-£91.999 £92.QLKJ492.999 £103.00￿£1O3,999 £104.WO.É104,999 £120.rA)0-£120,999 £I24.(￿O-£I24,g99 £131.rKJo-£131.999 f144.000-£144.999 £145.L)00-£145,999 Total 5.865 17.860 22.290 24.827 27.147 28.241 29.626 33.431 207.424 106.710 37.334 33.887 13T.139 105.449 38.492 39.832 41.540 39.734 44.881 54.031 56.883 58.758 61.7T6 62.919 66,910 70,961 71,504 288,848 70.215 285.267 76,ogo 77,679 77,637 80,038 91,907 92,433 103.112 104.644 241.387 124.497 131.027 144.135 145.327 1,845.529 32 1,851.483 412023." 51 trustees are not employees of thE Colle98 and do not weive reFnvnerdlion. I lyuslees, togelher￿7lh Olhor senK)ramploye8s. a￿ elvJible lor private heamn insurance 35 P8rt of their paGka9e of remunerab.on OllTrer transactions wilh Irusle8S No fellowcbimed any expenses forwork a8 a trustee See aL50 note 29 Re￿d Party Transact￿n$ Key mana9emenl remuneration 51

Lincoln College Noies to the financial s18lemenls Foi the year ended 31 July 2024 The iotal key manayemeftt compen$81ion linciudin9 employers. naDonal Y￿ulanC8}SaS £653k12023". £641kl. Key manaymentare consIde￿￿ lo be the Racior, BJrsar. t)evelopmenl Director. Senw)rTulor and Domest￿ OperalK)ns Managèr. 23 PENSION S¢HENIES Schemes 8¢counled for Under FRS 102 paragraph 28.1 l as deNned contribution schemas For USS, a deficit recovery plan was put in pla￿ as part of the 2020 valuation, which required payment 016.2 /0 of salaries over the period 1 April 2022 until 31 March 2024, at which point the rale would increase lo 6 3%. No deficil recovery plan was required under the 2023 valuation be¢ause the scheme was in surplus on a technical provisions basis. The College was no longer required ILI make deli¢it recovery contribulions from 1 January 2024 and accordingly released the outstanding provision to the income and expenditure account. The latest available complete actuarial valuaiion of the Retirement Income Builder is as at 31 Maich 2023 (the valuation datel, which was carried out using th& projected unil melhod. Since the College cannot Identify its sh8re tsf USS Reti'rement Income Builder Idefined bonefitl assets and li8bili11es. the following disclosures ￿flect those relevant for those assets and liabilities as a whole. At 31 July 2023. the College's balance sheet Included a liability of £1,817,000 for futu￿ contributions-, following the 2020 valuation when Ihè scheme was in deficit. No deficil ￿COVery plan was required from the 2D23 valuation, because the scheme was in surplus. Changes to contribution rates were implemented from 1 January 2024 and from that dale Ihe College no longer required to make deficit recovery contributions. The remaining liability of £1,858.000 was released Èo the income and expendilure account. The 2023 valuation was the seventh valuation for the scheme under the scheme-specilic funding regirne intToduced by the Pensions Acl 2004. which requires schemes to have sufficient and appropriate assets lo cover their technical prov15ions (the sialulory funding objectivel. At the valuation dale, Ihe value of the assets ol Ihe scheme wa5 £73.1 billion and the value of the scheme'5 technical provisions was £65.7 billion Indicating a surFlus of £7.4 billion and a funding ratio of 111%. The key financial assumpbons used in Ihe 2023 valuation are deS¢￿bed bdow. TetnidepEndentiate5 in Ineiih ihe thNerence bEiween the Fixed IniÉ¥esland Index Linw siebj C￿[vE5 k5s. 1.0% p.a io2030, redutsng Kneady by 0.1% pa. I￿rn 20￿. CPI aSsu￿￿n Pens￿￿ inctea5ES lsubjecitoafloorof Benelits no(ap.- CPI 255UtTrpI￿n plu$ 3bps Bcnefils subjEcI itsa"$ollcap- of 5% IpFovithng IMlaionaryincraases vp lo 5%. An Fixed IntEteSi oilty￿Illcu￿e ￿￿8." ThscrAJni rale Ifornvard rate51 Prtrretirement.. 2.5% p a. P05t-r•iromenl 0 9% p.È. Thè main dEmogratthic as5umpi￿￿s ￿Eed lo Ihe mDrtalrtYa8411mpi￿n%. These a55umpI￿ft$ based on analysis DI the sthemes wt as part lh£ 202Q aciuariol vV31￿￿. The mcrfbiiiy35sumpiiDllS Used in ihese r￿ureS are m[￿litY base tst4e 101% of S2PmA-1￿￿t-fr￿Ma￿3 and 95% of S3P?AtDr lemalES Fthure imyDvemnts lo twrt?Iily CMI 2Q21 a gmoDthlw paiam8lfrDf 7.5. an iniDal addélon ofO.4% p.a. anda bng-terrn ImprovomFnt r&te of 1.8% p8 forma￿9 a[￿ 1.5% pa for leirdes rvmtlrfe expgdaDciK on retirement8t8pe85 we.. 2023 MalB5 CuWity gged 65 (year31 24 Femal￿ currfjntly ageo 65 lyeais) 5.6 52

Lincoln College Notes to the financial $18lements For the year ended 31 July 2024 Males cuirenllyagÈd4S1ssrsl 26 Fom￿8 CUIMltya9ed45lye¥sl 27.4 University tsf Oxford S131f Pensioh &hÈme The Univwsity ofoxlord Staff Pe￿Ion Sctsme Iospsi ts A muki-effjployer hybnd aeheme set up und8rlrugian& sponso￿0 byiho univÈlSily. It il the Scheme for stspwrt S￿lf #i the Univetsity, pa￿￿ating colleg other￿12ted eM￿0ye[s. WwmÈMbersjun￿& th& buld up benefits on adefined contr1t￿rtIOn èasis. Membets whol￿ne& belore 1¥t Ottther2017 build Jp be￿￿19 on a career avw8rev8￿Ety Èamings basls. The Lgtest tvll actua￿1 v¥Juationlorthe OSPS schemew complÈted as at 31 March 2022. ThÈ funthng P0S￿tIL￿ of ihis $eheme has improveds¥Jnif¢aThtymowDg tr(rfD defrii of t113m 10 Su[￿￿$ of £47m altheva1ual￿n da￿. AS a rttjll. lher￿Very pian agieed aithe lt V¥￿¥￿￿n IS no longef requiigj the oeficitcontribvtion ended on 30th SewemW2023 A provis￿n of £18,QOOwas made È131 July 2023 lQaWUllt for defieit reeoverypawnEnt& vp io Joln Seoefflber2023 Thai remning bat￿lItY of £1￿.￿oI￿a$ rel￿e¢ lo Iheincome and &%pendiivre accwni Ml 2024. The Ttusteeand thÈ Unr￿rSrt￿ haV&agre￿ a c0ninbu￿n sche(￿1&whICh Èth)K ettett fiorn 1 OGtobef 2023 ano tskes accountal Ine benefit ImprovemenL% Srtd changes ￿ member antrItKrt￿ns ￿nCe ihe lt vuatian date. Itwas 39reed that the scheme will rneeii￿ gwn costs trom the s¢heme'S assets, fftcludin9 WEnSÈS raaiTrlg io both thB DA and DC SeC￿n$ and lhe￿81 of Protettim Fund lother5taiutory levies. The ￿￿W$uMMan$Ès the ke¥￿I￿ana1 assumptions. Furtherdet81s of theaSSumptions We 5elwt in thÈ Statemeni olfunding WN1ti￿Ès dated ?7 June 2023 and can be found at h￿￿.'$I￿nance admin.0x.￿.uk1oS￿-d0cUrnenLs Dat$ of valuabDn". 3110312022 VabJeol1iab￿I￿eS £914m V?￿e01￿55ets". £961m F￿￿￿1g 5urWs I Idefi¢itl. t47m The ￿ne￿al 3ssumptlOn5 Used by Ihe aciuaiywer& Ralg ofintetE5t Iwiods upio rotir8rnenti Ratpoliniere51 IperiDds after ret￿ementI RPI cpi Salaryincrea5e5 Fun¢¥w Elstitss. Twhni81 proVI5￿￿S basE' Bu t, bas1$ Non-fiDanoial ?55umptm3'. N￿￿P￿tsI0nerS.. 105% o15tandard S3PxA for ￿lh m¥e5 l£mEg POsi-￿rem?nI mortaty. tr￿e PEnsionets'. 105% ol5￿￿￿8rd $3PyA medijm for ￿th males PtFStrfetiiemert mo[￿lty- N￿.PensI￿erS.. 105%0[s￿Dthr¢ S3PxA metsum for iM)Ih males and feM495 PerGioners' 105% ofstandard S3PyA me¢ium for both lemaes 53

Lincoln Colleg0 Notes lo the financial slalemenls For the year ended 31 July 2024 18.5% DB for membÈrs trom 0111012023 R8comm&nded employerseonlTrbUli￿I late la$ % ol pens4￿$￿e sa￿e51.. 10% 112%114% W membets I￿a￿On to4% 16% 18% COSi￿an-frOmolllo￿￿23 Eftecliv&dtÈ 01rte￿ valubtlon-. 3t103r2025 Pension charge for the year Thè pensKbn ch8ig6 recorded tythe College durin9 the aGGounlino pefiod lexduding peTr$i￿ liTr8nce Costslwas e4u¥l to the canin￿tionS paY¥b￿ afieralloMn¢8 forihe d&ficil Covery plan. Conifibulion8 PBid In the yearwgre a8foIh￿'. Schem& 02XV24 202Y23 £NJD £o(N) univ￿$￿Ie$ Superannu8tiOft Scheme 385 428 Univei&tyof Oxford siaff Scheme 412 470 other$ch￿￿88-co￿￿b￿tK￿s Tot Employer Coniributiong 804 906

Lincoln College Notes to the financial stalements For the year ended 31 July 2024 24 TAXATION Tha Cdlege Is able 10 18ke advarn8oe ol tax axempllons 8V8ilable ￿ char11165 Irom laxalion in raspaci ol income and ¢apilal gains receNed 10 Ihe exlenl th81 such Income and gains 3rÈ appid 10 exc￿51¥ety charitable purposes. No habilrty lo ¢¢rporalK)n lax arises in tha Cdkge's subSid￿ry compantes b@cause the direclors of these companies havÈ indic81ed Ihai they Intend 10 m8ke donaiions eacn year10 iha College equal 10 Ihe18xable proffls of ￿e company und8rine Gift￿0 scheme. AccordinoW ng provision for iaxaiion has Included in Ihe financi31 st81ÈmenN. 25 RECOMCILIATION OF NET IIQCOME TO NET CASH FLOW FROM OPERATIONS 2024 Group £'ooo 2023 Group £'(KJD Net IncoMellÈxpanditurel 12,605 11.7201 Elimination of non￿peratIng cash flows". Investment income (Gains￿oSseS in In¥e$im8nls Endowment donations Depreual)n (Surplus￿¢$$ on saleitransferof fi%ed assels Decrnaselllncreasel in stock Iln¢reasel In debtors Increase n creditors Ioecreaselin pensK)n scheme1&8bility 12,9991 12.6801 1301 11.2281 1,153 18051 13,2341 1.099 16 1.006 165 14351 Net cash provided by (used In) oppraiing aclivities 15.1481 15,7291 ANALYS￿ OF CASH AND CASH EQUPIALENTS 2024 £'(M)O 2023 £'O(M) Cash al bank and In hand 2.432 2.382 Total G&h and cash equivalents 2.432 2.382 27 FINANCIAL COMMtrMENTS At 31 JulythB Cdlege had Gommilments undernon-canGellab4e oper8iu)g leases as follows 2024 rooo 2023 £000 Land buildings expiring one yt8r expiring beknEen one and five years 28 CAPITAL COMMrrMENTS The College had contracted ¢ommlments al 31 Julyfori8ngibb fyxed as5el proi&¢ts totall￿9 torn 12023- £(hnl. 55

Lincoln College Notes to the financial statements For the year ended 31 July 2024 29 RELATED PARTY TRANSACTIONS The Colegé is pafl of the Co4￿late Unwersily of Oxlord. M8leTFal ￿terdepende￿OieS bewn Unlveisity and ol thè C￿￿96 8rise as a con$8ouen¢a of Ihis reblionship. Forfeponino wrrx)ses, th8 Unive￿1￿ the olheT Co1￿98$ are noi Irealed as rdaied part165 as defined in FRS 102 Members ol the Govèmin9 Body. who are the trusi888 of the College and rela18d partles ¥5 defined by FRS 102, re*ive remuneration and facilit￿ as employees of the College DelaiLs ol thèse p8ym6nls 8nd rewnf>utsed Èxpenses as tr￿leeS arè (Siscbsed sepgralely in Iheso financipl slalemènts. The loans Outs￿ndIng al 31 Julywiln the balances 8$ folknws". 2024 £'ooo 2023 £'ooo Prol R8du Coldèa DrJ LaPorte Dr L Malll)evs DrT Mi¢h8el Dr D Ombr DrA Parakhonyak Prof J Park Dr A P￿$¢01￿-couch Piof M siamaiopoulou DrA Tekvantos ProfQ Wang Piolm Wlllis Dr L Wooding 132 132 132 132 132 132 120 134 132 120 134 132 134 130 134 130 1ST Interest Is charged on the above loan$. AK loans are repaYth￿ on the dep8rture ofthe trustee frorn the c￿￿ge. In addilK)n kne folknwng trustees had interest free capital expenditure loans (xrtSland￿9 from Ihe College al the s￿rt andlor end ofthe year. 2024 EODO 2023 £'ooo Prol. D Hil Dr J LaPorte ProfE Nye Dr Parakhonyak Dr Pre5COII-Q)uch Dr H Soper Dr A Televant05 Prof Dvaux Prof DVeU¥ 30 ON"fiNGENT LIABILITIES The College has no Fn31erial Cortingwl 18bilttES 31 POST BALANCE SHEET EVENTS There are no posl bal8rKe sh￿1 events which require disdosurp 32 FINANCIAL INSTRUfvIENTS The ￿nancIal stateTnents rtlude Ihe folowing items 2024 G8ins 1 Ilosses) r'ooo 2023 Gains I Ibss881 rooo Totdl Group fo(M) T¢t81 Group £'DOO lexpen5el £'ooo leKperbstl £'(M)O FinanGkal as88t5 illeasured al fa￿ value ihrough statement ol financtal acbvilies Fixed assets. other Inv$slments Current assets. olher invesments t24.416 1,070 12.501 112,331 1.035 312 Financwl Iiabililies measured al amorb5ed COSI 8diiors'. amounis fallin9 du8 after more than o 25.523 16621 25.64 17TII 56

Lincoln College Notes lo Ihe lin8ncial stalemenls For the year ended 31 July 2024 33 ADDITIONAL PRIOR YEAR COMPARATIVES 33a Consolidated sialement ol Financial Acllvltles for the yèar endad 31 July 2023 Unreslncled Funds £'ooo Reslricied Funds £'ooo Endowenl Funds £'o(M) 2023 NolÉ$ £'ooo INCOk4E ANO ENOOVVMENTS FROfvI'. Teaching. research and residential other Tr8ding InGome Don81ions and legacies Investments Inveskneni income Totsi ￿1￿￿ althaied 10 Income her Income Total Incomè 7.095 310 7.095 310 3.848 2,166 1.226 950 2.327 805 11.943 126 1,431 2.680 32c 13.7581 3.723 19281 14.738 EXPENDITURE ON. Teaching. rèsearch and ￿siden￿al 10.276 57 13,699 Generating fund5 Fundraising Trad￿￿ eXper￿lIu[e Inveslfflenl management e05ts Total Èxpendilure 707 296 476 11.755 707 296 1,786 16,488 1,244 1,301 3.432 Nei IncomellExpenditvrel belore gains 188 291 2,229 1.750 Nel gwnslllossesl on Invesknents 11.12.16 16721 843 Nel InromellExpenditurel 150 11.3861 Transfers between lund$ 32d 136 Nel rnovetneftt in funds for the year Fund b¥lances brought f(xward 13481 31,715 14 10,644 11.3861 148.703 32¢ 191.062 Fund5 ¢8rried foTward al 31 July 31,367 10,658 147.317 189.342 33b The results and their ass&is and liabilitie5 of the parent ano Subsidiaries lor the year pnded 31 July 2023 were as follows Parènt College co1￿8 Tradlng Ll Lincoh College EnletPll$8S Ltd £000 L4nGdn 2027 Trust Lincoln CoHege MiGhaelZilkha Fund £'off) £￿00 £'DOQ InGtsne Expenditure In¥e5tmenl 9ain5ADsses Donaknon lo Cdlege under gift a g,246 310 12991 22 721 Resullforlhe year 721 Total as80ts 206,705 129.0731 101 1691 62 9,857 1,843 Nel tunds al the end of year 177. 32 43 57

Lincoln College Notes lo the linancial slalements For the year ended 31 July 2024 33¢ $18lemeni of Investment Tolal Return lor Ihe year ended 31 JJIY 2023 Penn8nenl Endowment un8pph6d T￿81 Relum £'ooo Expendabl& Endowment Total Endowm8nl8 Total reium not aptyied £'ooo Trust br Investment £￿00 TotBI £'ODO £'ooo Al the beginning of tha year.. Grft ¢omponeni ol Ihe petmanent endowynenl Unapplied loial rdurn Funts not subieci 10 10181 relutn Expendable ertdowmenl Tol81 Endowments 51,095 51.095 65.461 143 51.095 65.461 143 32.(NM 148.703 65.461 143 32.(N)4 32.￿4 143 51,Dg5 65.461 116.699 Movements in the ￿porting period.. Gift ofendowment ￿n￿$ Investment reium". tolal Invesimeni income Investment ￿t￿M.. realised and unrealsed gains and losses Less". Invesltneni management costs Oiher Iranslers Total 1.169 1,169 1.345 57 259 1,226 1.604 1,345 22 84 737 12031 843 22 1.169 388 1.579 850 2.4 unappled lolal return allocated 10 income in the reporbn9 period Expendab￿ endowmenls Iransfetred to income 13.1301 13.1301 16281 57 16851 13.7581 57 13.8151 13.1301 13.13DI Nei movements in reporting period 22 1.189 12.7421 165 11,3861 Al end of the reporting period. Gift component of ihe petmanent endowment unapp￿e￿ loial Funts not subject to toia relutti Expendab￿ endowtneni Total Endowmenls 52,264 52,264 62,719 165 52.264 62,719 165 32.169 147,317 52.719 165 32,169 32,169 165 52,264 62,719 115.148 58

Lincoln Colleg8 Notes lo the financial slalemenls For the year ended 31 July 2024 33d Analysis of Movement on Funds for Ihe year ended 31 July 2023 Al l August 2022 £'CM)O Galnsl Ilossesl £'ooo A131July 2023 £'ooo Incom& £'ooo Expenditurè Transfers £'ooo £'ooo Endowment Funds Perm8neni General Endovm)6ni Monlgomary Esiaie Nuffield Research Tru51 Fund Paul Shuffrey Beouesl Other Felgwships PdonskylHansardl Siudenl Support Oihers 58,429 912 1.852 10,126 29.947 143 14,989 301 874 11,6991 42 56.924 889 1.804 9.866 30.189 165 15.014 297 21 1901 12671 12941 17081 1,196 22 492 13441 Endowmeni Funds- Expèndable Gener41 Endovffleni Bequests and le9acies-gener31 Beque51S and legacies- albcaied 7.709 9.357 3.YJ8 87 162 45 1691 1821 1351 12241 12841 7.$08 9,160 3,801 Toial Endowment Funds- College 137.673 2.808 1.227 3.758 135,617 Endovmeni fuods hekj by subsidiariès L￿Go￿ 2027 Trust Lin¢okn C￿￿ge MKhaÈl Ziltha Fund 9.136 1.894 721 9.857 1.843 22 Total Endowment Funds- Group 148.703 2.830 1.301 3.758 147.317 Restricted Funds InGQtne. endownentfunds Schdarshp and grants 8errow Foundation Building EPA AFfrpd street and Mitre Refurbishmeni Otherieslrrcled funds 91 20 823 18231 1421 295 256 136 1.310 10.258 12.5541 1,431 10.304 Total Reslricled Funds- College and Group 10.644 2.292 13.432 1,295 141 10.65B Unreslricled Fund5 General Fixed asset designated Otherdesignated Pension re5etve 5,573 26.967 1,439 12,2701 9.492 110.9581 1.D59 1.404 16731 4,493 27,318 120 1791 435 11,8351 Total Unreslricled Funds- CDllpge and Group 31.709 9.612 11.755 2.463 672 31,357 Unrestiicied funds hekl by Subs￿18￿&$ Total Unrestricted Funds- Group 31.715 9.616 11.155 2.463 572 31.367 Total Funds- Group 191.062 14.138 116.4881 30 189.342